The following transactions occurred at the Maria Rivera Consulting Service Company. January 1 Opened business by...
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The following transactions occurred at the Maria Rivera Consulting Service Company. January 1 Opened business by issuing 20,000 shares of common stock for $50,000. 1 Leased a building for three years at $680 per month and paid six months' rent in advance. Paid Insurance for the business, $24,000 for 2 years. 1 1 Purchased equipment for $20,000, signing a two-year, 10% note. 4 Purchased $3,900 of office supplies on account. 8 Recorded cash consulting service performed of $5,000 for the first week. 15 Paid employee salaries, $1,900. I 15 Paid partial payment of $2,000 for supplies purchased on account. 15 Paid advertising expenses, $1,200. 20 Paid cash for miscellaneous expenses, $400. 30 Paid utility expenses for the month, $900. 30 Service performed and billed to customers for the month, $35,000. Adjusting entries: 1. The Supplies account shows a balance of $2,500 on hand. 2. Depreciation on the equipment for the month of January, $300 3. Insurance premiums were paid for a 2-year period. 3. Employees' salaries for the end of January that will be paid on February 2nd, $3,500. 4. Interest Expense for one month on the Note Payable of $20,000, two-year, and 10% APR. Required: 1. Prepare journal entries for the month of January. 2. Post the journals entry to the General Ledger T Accounts 3. Prepared an Unadjusted Trial Balance 4. Prepared the necessary adjusting Entries 5. Prepared an Adjusted Trial Balance 6. Prepared the Financial Statements Prepared the closing entries 7. 8. Prepared a Post-closing Trial Balance The following transactions occurred at the Maria Rivera Consulting Service Company. January 1 Opened business by issuing 20,000 shares of common stock for $50,000. 1 Leased a building for three years at $680 per month and paid six months' rent in advance. Paid Insurance for the business, $24,000 for 2 years. 1 1 Purchased equipment for $20,000, signing a two-year, 10% note. 4 Purchased $3,900 of office supplies on account. 8 Recorded cash consulting service performed of $5,000 for the first week. 15 Paid employee salaries, $1,900. I 15 Paid partial payment of $2,000 for supplies purchased on account. 15 Paid advertising expenses, $1,200. 20 Paid cash for miscellaneous expenses, $400. 30 Paid utility expenses for the month, $900. 30 Service performed and billed to customers for the month, $35,000. Adjusting entries: 1. The Supplies account shows a balance of $2,500 on hand. 2. Depreciation on the equipment for the month of January, $300 3. Insurance premiums were paid for a 2-year period. 3. Employees' salaries for the end of January that will be paid on February 2nd, $3,500. 4. Interest Expense for one month on the Note Payable of $20,000, two-year, and 10% APR. Required: 1. Prepare journal entries for the month of January. 2. Post the journals entry to the General Ledger T Accounts 3. Prepared an Unadjusted Trial Balance 4. Prepared the necessary adjusting Entries 5. Prepared an Adjusted Trial Balance 6. Prepared the Financial Statements Prepared the closing entries 7. 8. Prepared a Post-closing Trial Balance
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Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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