The following is a summary of the transactions for the year: a. Provided services, $108,000, of...

 

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The following is a summary of the transactions for the year: a. Provided services, $108,000, of which $32,400 was on account and the balance was received in cash. b. Collected on accounts receivable, $22,900. c. Issued shares of common stock in exchange for $9,000 in cash. d. Paid salaries, $39,250 (of which $6,750 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $21,200. f. Purchased equipment for $11,500 in cash. g. Paid $2,575 in cash dividends to shareholders. Additional information: h. Accrued salaries at year-end amounted to $785. i. Depreciation for the year on the equipment is $1,800. Required: 1 to 3. Prepare a general journal entry for each of the summary transactions listed. Record beginning balances in the T-accounts (on the T-accounts tab). Post the journal entries to the T-accounts. 4. Using the T-account balances, prepare an unadjusted trial balance. 5. Prepare adjusting journal entries using the additional information provided. Post to the T-accounts (on the T-accounts tab). 6. Using the adjusted T-account balances, prepare an adjusted trial balance. 7-a. Prepare an income statement for 2024. 7-b. Prepare a balance sheet as of December 31, 2024. 8. Prepare closing entries, and then post to the T-accounts (on the T-accounts tab). 9. Prepare a post-closing trial balance. Complete this question by entering your answers in the tabs below. The following is a summary of the transactions for the year: a. Provided services, $108,000, of which $32,400 was on account and the balance was received in cash. b. Collected on accounts receivable, $22,900. c. Issued shares of common stock in exchange for $9,000 in cash. d. Paid salaries, $39,250 (of which $6,750 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $21,200. f. Purchased equipment for $11,500 in cash. g. Paid $2,575 in cash dividends to shareholders. Additional information: h. Accrued salaries at year-end amounted to $785. i. Depreciation for the year on the equipment is $1,800. Required: 1 to 3. Prepare a general journal entry for each of the summary transactions listed. Record beginning balances in the T-accounts (on the T-accounts tab). Post the journal entries to the T-accounts. 4. Using the T-account balances, prepare an unadjusted trial balance. 5. Prepare adjusting journal entries using the additional information provided. Post to the T-accounts (on the T-accounts tab). 6. Using the adjusted T-account balances, prepare an adjusted trial balance. 7-a. Prepare an income statement for 2024. 7-b. Prepare a balance sheet as of December 31, 2024. 8. Prepare closing entries, and then post to the T-accounts (on the T-accounts tab). 9. Prepare a post-closing trial balance. Complete this question by entering your answers in the tabs below.

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Here is the response to the question General Journal Entries 1 Provided services 108000 of which 32400 was on account and the balance was received in cash Debit Accounts Receivable 32400 Debit Cash 75... View the full answer