1. Post adjusting entries to the T-accounts. 2. Prepare an income statement, a balance sheet, and...

  

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1. Post adjusting entries to the T-accounts. 2. Prepare an income statement, a balance sheet, and a statement of cash flows using the final ending T-account balances as of January 31. Assets: Cash Accounts Receivable Supplies Inventories Total Assets Riverside Waters Group Balance Sheet At Jan 1, 2022 $ 12,500 $ $ $ 700 630 200 $14,030 Liabilities: Accounts Payable Total Liabilities Stockholders Equity: Common Stock Retained Earnings Total Stockholders Equity Total Liabilities & Stockholders Equity is es $ $ $ $ $ $ 500 500 11,770 1,760 13,530 14,030 *** Jan Transactions 1 2 3 4 5 6 7 8 Two employees have been hired, at a monthly salary of $2,300 each. One will start Jan 1, the second will start Jan 16. 9 Paid 12 months insurance starting January 1, $5,100. Paid 9 months rent starting January 1, $3,600. RWG borrows $36,000 cash from Commercial Bank at 6% annual interest; this note is payable in two years. A new oven is purchased using cash. The total cost was $24,000. Stockholders contribute $7,000 of additional cash to RWG for its common stock. Additional supplies costing $1,100 are purchased on account and received. Accounts receivable of $600 is collected from December sales. Accounts payable of $200 is paid from December purchases. Performed services for customers on account, sending invoices totaling $10,900. 10 16 20 25 Performed services for customers totaling $7,500 who paid in cash. Salaries totaling $1,150 were recorded and paid for the first half of the month. RWG received $3,800 from a customer for an advance order for services to be provided later in Jan & Feb. Accounts receivable of $4,800 is collected from customer on account from January 9. 1. Post adjusting entries to the T-accounts. 2. Prepare an income statement, a balance sheet, and a statement of cash flows using the final ending T-account balances as of January 31. Assets: Cash Accounts Receivable Supplies Inventories Total Assets Riverside Waters Group Balance Sheet At Jan 1, 2022 $ 12,500 $ $ $ 700 630 200 $14,030 Liabilities: Accounts Payable Total Liabilities Stockholders Equity: Common Stock Retained Earnings Total Stockholders Equity Total Liabilities & Stockholders Equity is es $ $ $ $ $ $ 500 500 11,770 1,760 13,530 14,030 *** Jan Transactions 1 2 3 4 5 6 7 8 Two employees have been hired, at a monthly salary of $2,300 each. One will start Jan 1, the second will start Jan 16. 9 Paid 12 months insurance starting January 1, $5,100. Paid 9 months rent starting January 1, $3,600. RWG borrows $36,000 cash from Commercial Bank at 6% annual interest; this note is payable in two years. A new oven is purchased using cash. The total cost was $24,000. Stockholders contribute $7,000 of additional cash to RWG for its common stock. Additional supplies costing $1,100 are purchased on account and received. Accounts receivable of $600 is collected from December sales. Accounts payable of $200 is paid from December purchases. Performed services for customers on account, sending invoices totaling $10,900. 10 16 20 25 Performed services for customers totaling $7,500 who paid in cash. Salaries totaling $1,150 were recorded and paid for the first half of the month. RWG received $3,800 from a customer for an advance order for services to be provided later in Jan & Feb. Accounts receivable of $4,800 is collected from customer on account from January 9.

Answer rating: 100% (QA)

TAccounts as of January 31 2022 Assets Cash 12500 No changes Accounts Receivable 700 No changes Supplies 630 No changes Inventories 200 No changes Prepaid Insurance 0 Adjusted for the use of prepaid i... View the full answer