1. Record the transactions in the general journal

1) a. Post the transactions to the general ledger

1) b. Create a trial balance as of 1/31

1) c. Record the necessary adjusting journal entries at 1/31

1) d. Post the adjusting journal entries to the general ledger

1) e. Create an adjusted trial balance as of 1/31

1) f. Prepare the income statement, retained earnings statement and balance sheet at end for the month of January.

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1-Jan NOVA Services was incorporated in the state of VA. The company will provide management consulting services to business and governmental clients. 2-Jan Tom M. contributed $275,000 of personal funds to the business in exchange for shares of common stock 3-Jan NOVA Services signed a contract to provide consulting services for $100,000 to ABC client. 4-Jan NOVA Services received $100,000 from ABC for work to be performed half in January and half in February. 5-Jan NOVA Services bought $600 of office supplies on account 6-Jan NOVA Services bought $50,000 of office equipment using cash 7-Jan NOVA Services hired 2 consultants 8-Jan NOVA Services purchased a 12 month insurance contract for $12,000 9-Jan NOVA Services paid $1750 cash for rental of office space for January 10-Jan NOVA Services paid $910 on account for advertising during January. 11-Jan NOVA Services was paid $10,750 from Fed Corp to perform services during January 12-Jan NOVA Services purchased $450 of supplies using cash NOVA Services signed a contract to provide consulting services for $54,000 to DMV client. Services to be provided equally over the next 12 months. Client will be 13-Jan billed at end of each month. 14-Jan NOVA Services pays employees $3,000 in salaries 15-Jan NOVA Services borrowed $450,000 on a 5% note payable. 16-Jan NOVA Services purchased Land for $300,000 cash with plans to build an office building within the next year. 17-Jan NOVA Services paid $2000 cash for repairs and maintenace to equipment 20-Jan NOVA Services loans $24,000 to G Corp on a 10% (interest) note receivable 21-Jan NOVA Services pays employees $3,000 in salaries 22-Jan NOVA Services gets paid $12,850 for services performed to Vector Corp 23-Jan NOVA Services purchases $150,000 in stock investments 24-Jan NOVA Services gets a $5375 bill for utilities used in January 25-Jan NOVA Services pays $1750 in office rent for month of February 26-Jan NOVA Services pays $70,000 in dividends 27-Jan NOVA Services pays $400 cash to attend an event to promote business at a convention in January 28-Jan NOVA Services pays $490 cash for taxes 29-Jan NOVA Services pays employees $3,000 in salaries 30-Jan NOVA Services paid for $700 office supplies previously purchased on account 31-Jan NOVA Services has to prepare financial statements for the owner and the bank from which the funds were borrowed. anuary Month End Adjustments 31-Jan NOVA Services calculated $550 in depreciation 31-Jan NOVA Services owes January interest on the loan 31-Jan NOVA Services counted $500 in remaining supplies (on hand supplies) 31-Jan NOVA Services owes employees $1,500 in salaries for work performed in January Are there any other accounts that need adjusting?!! 1-Jan NOVA Services was incorporated in the state of VA. The company will provide management consulting services to business and governmental clients. 2-Jan Tom M. contributed $275,000 of personal funds to the business in exchange for shares of common stock 3-Jan NOVA Services signed a contract to provide consulting services for $100,000 to ABC client. 4-Jan NOVA Services received $100,000 from ABC for work to be performed half in January and half in February. 5-Jan NOVA Services bought $600 of office supplies on account 6-Jan NOVA Services bought $50,000 of office equipment using cash 7-Jan NOVA Services hired 2 consultants 8-Jan NOVA Services purchased a 12 month insurance contract for $12,000 9-Jan NOVA Services paid $1750 cash for rental of office space for January 10-Jan NOVA Services paid $910 on account for advertising during January. 11-Jan NOVA Services was paid $10,750 from Fed Corp to perform services during January 12-Jan NOVA Services purchased $450 of supplies using cash NOVA Services signed a contract to provide consulting services for $54,000 to DMV client. Services to be provided equally over the next 12 months. Client will be 13-Jan billed at end of each month. 14-Jan NOVA Services pays employees $3,000 in salaries 15-Jan NOVA Services borrowed $450,000 on a 5% note payable. 16-Jan NOVA Services purchased Land for $300,000 cash with plans to build an office building within the next year. 17-Jan NOVA Services paid $2000 cash for repairs and maintenace to equipment 20-Jan NOVA Services loans $24,000 to G Corp on a 10% (interest) note receivable 21-Jan NOVA Services pays employees $3,000 in salaries 22-Jan NOVA Services gets paid $12,850 for services performed to Vector Corp 23-Jan NOVA Services purchases $150,000 in stock investments 24-Jan NOVA Services gets a $5375 bill for utilities used in January 25-Jan NOVA Services pays $1750 in office rent for month of February 26-Jan NOVA Services pays $70,000 in dividends 27-Jan NOVA Services pays $400 cash to attend an event to promote business at a convention in January 28-Jan NOVA Services pays $490 cash for taxes 29-Jan NOVA Services pays employees $3,000 in salaries 30-Jan NOVA Services paid for $700 office supplies previously purchased on account 31-Jan NOVA Services has to prepare financial statements for the owner and the bank from which the funds were borrowed. anuary Month End Adjustments 31-Jan NOVA Services calculated $550 in depreciation 31-Jan NOVA Services owes January interest on the loan 31-Jan NOVA Services counted $500 in remaining supplies (on hand supplies) 31-Jan NOVA Services owes employees $1,500 in salaries for work performed in January Are there any other accounts that need adjusting?!!

Answer rating: 100% (QA)

1 Record the transactions in the general journal Jan 1 Debit Credit Cash 275000 Common Stock 275000 Jan 3 Debit Credit Accounts Receivable 100000 Revenue 100000 Jan 4 Debit Credit Cash 100000 Accounts ... View the full answer