Transactions for Roarin' Tigers for Year 1: Jan 1 $50,000 cash was acquired in exchange for
Question:
Transactions for Roarin' Tigers for Year 1:
Jan 1 – $50,000 cash was acquired in exchange for common stock.
Mar 1 – $8,400 cash was paid for two years of Office Rent
Apr 14 – $800 worth of supplies were purchased on account.
Jun 30 – $12,000 cash was received in advance for services to be provided over the next 12 months.
Aug 1 – We billed a customer $5,000 for work that we completed in July
Aug 8 – $1,600 was received for work that we completed.
Sept 1 – $20,000 cash was used to pay employees’ salaries
Sept 9 – $4,250 cash was received for services that we billed for previously.
Oct 5 – We billed multiple customers a total of $19,000 for services we provided.
Nov 2 – Stockholders were paid $500 cash dividend.
Dec 31 – Adjusted Entries that needs to be recorded as of December 31st are as follows:
1) We need to recognize the services provided that were contracted on June 30th.
2) Accrued Salaries – we need to record a total of $1,100.
3) In March, we prepaid our rent, we need to recognize the rent expense for the year.
4) We physically counted supplies and come to find out, we only have $50 worth of supplies on hand, so we need to record what was used up during the year.
REQUIRED
a.) Prepare a Post-Closing Trial Balance after the closing entries are posted.
