On October 2019, CCB company start a new Business, The following information about transactions from October...

 

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On October 2019, CCB company start a new Business, The following information about transactions from October to December 2019 Transactions: 1.Oct 1, The owner invested $50,000 cash to the business in exchange for capital. 2. Nov 5, Purchased land to be used in operations for $20,000 cash. 3. Nov 10, Purchased $12,000 of equipment paying cash 4. Dec 1, Paid $4,500 for a 9-month insurance policy starting on December 1. 5. Dec 4, Borrowed $30,000 from the bank for business use. The owner signed a note payable to the bank in the name of the business. 6. Dec 8, Purchased office supplies on account, $3,000. 7. Dec 30, Revenues earned during December included $20,500 cash and $2,700 on account 8. The business received a bill for utilities to be paid in January, $260. 9. Paid employees' salaries $4,800 and building rent $800, Record as a compound entry 10. The business received $2,440 for services to be performed next month. 11. paid dividends of $4,000 cash. Additional information: • Office Supplies used during the month, $600. • The company uses straight line depreciation method and estimates that the equipment will have a useful life of 5 years .Knowing that the annual depreciation is $2,400 • One-month insurance has expired. In Excel sheet please do the following: Analyze and record transactions 1. 2. 3. Prepare an unadjusted trial balance Prepare financial statements (Income statement and Balance sheet) On October 2019, CCB company start a new Business, The following information about transactions from October to December 2019 Transactions: 1.Oct 1, The owner invested $50,000 cash to the business in exchange for capital. 2. Nov 5, Purchased land to be used in operations for $20,000 cash. 3. Nov 10, Purchased $12,000 of equipment paying cash 4. Dec 1, Paid $4,500 for a 9-month insurance policy starting on December 1. 5. Dec 4, Borrowed $30,000 from the bank for business use. The owner signed a note payable to the bank in the name of the business. 6. Dec 8, Purchased office supplies on account, $3,000. 7. Dec 30, Revenues earned during December included $20,500 cash and $2,700 on account 8. The business received a bill for utilities to be paid in January, $260. 9. Paid employees' salaries $4,800 and building rent $800, Record as a compound entry 10. The business received $2,440 for services to be performed next month. 11. paid dividends of $4,000 cash. Additional information: • Office Supplies used during the month, $600. • The company uses straight line depreciation method and estimates that the equipment will have a useful life of 5 years .Knowing that the annual depreciation is $2,400 • One-month insurance has expired. In Excel sheet please do the following: Analyze and record transactions 1. 2. 3. Prepare an unadjusted trial balance Prepare financial statements (Income statement and Balance sheet)

Answer rating: 100% (QA)

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