accountant for his business. He has asked you to prepare monthly financial statements for him to...

 

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accountant for his business. He has asked you to prepare monthly financial statements for him to access Joe Smith own a shop in downtown Little Rock that sells musical instruments. He is looking for a new your capabilities. He has provided the following information: His balance sheet for June 2021 Joe uses the specific identification method of inventory. All sales are billed and are recorded on the 15th and last day of each month. Sales for July were: O 15h - Sales = 12,325 O 31" - Sales = 7,715 Cost of Goods Sold - 4,250 3oe has one employee that he pays $500 every Friday. The month started on a Monday and ended on a Wednesday. (Ignore payroll tax and withholdings) Depreciation expense for the building is $36,000 per year Depreciation expense for equipment is $900 per month A count revealed $900 supplies remained on July 31 $1,900 of the unearned revenue was earned during the month The company also had the following transactions throughout the month: Cost of Goods Sold = 7,600 July 1- Paid Ş1,400 for July rent July 2- Paid $7,500 on accounts payable due July 6- Received $3,200 from customers 200 -00 July 10 - Received $6,200 worth of inventory on account July 16 - Paid $750 for repairs and maintenance on equipment July 19- Paid $5,000 on accounts payable due July 20 - Purchased new office equipment for $1,500cash July 24 - Received $10,900 from customers Journal each transaction in chronological order. Do not forget the paydays, sales and adjusting entries at the end of the month. Then post these entries into your T accounts. Use the provided balance sheet for beginning balance information. Lastly, use the T accounts to create a trial balance. accountant for his business. He has asked you to prepare monthly financial statements for him to access Joe Smith own a shop in downtown Little Rock that sells musical instruments. He is looking for a new your capabilities. He has provided the following information: His balance sheet for June 2021 Joe uses the specific identification method of inventory. All sales are billed and are recorded on the 15th and last day of each month. Sales for July were: O 15h - Sales = 12,325 O 31" - Sales = 7,715 Cost of Goods Sold - 4,250 3oe has one employee that he pays $500 every Friday. The month started on a Monday and ended on a Wednesday. (Ignore payroll tax and withholdings) Depreciation expense for the building is $36,000 per year Depreciation expense for equipment is $900 per month A count revealed $900 supplies remained on July 31 $1,900 of the unearned revenue was earned during the month The company also had the following transactions throughout the month: Cost of Goods Sold = 7,600 July 1- Paid Ş1,400 for July rent July 2- Paid $7,500 on accounts payable due July 6- Received $3,200 from customers 200 -00 July 10 - Received $6,200 worth of inventory on account July 16 - Paid $750 for repairs and maintenance on equipment July 19- Paid $5,000 on accounts payable due July 20 - Purchased new office equipment for $1,500cash July 24 - Received $10,900 from customers Journal each transaction in chronological order. Do not forget the paydays, sales and adjusting entries at the end of the month. Then post these entries into your T accounts. Use the provided balance sheet for beginning balance information. Lastly, use the T accounts to create a trial balance.

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Answer Solution Journal Entries Date Account Title and Explaina... View the full answer