ASSIGNMENT 3 - CHAPTER 3 - Journal entries and preparation of financial statements Assignment is worth one half of a percent (1.5%) - Groups of two are allowed. Instructions: Submit a paper copy of a Word or Excel file in which you completed the assignment Paper Copy: Must have a title page containing the following information: DR (003,950 954 700 VOB, 200 1. Course: ACCT 215 2. Section: 3. Instructor: Mike Clovechok 4. Assignment: Chapter 3 5. Your first and last name: 6. Your student ID number: You are presented with the following alphabetical list of accounts and balances in thousands for Mike Importers Limited as January 1, 2019. Firm's fiscal year end is anuary 31, 2019 Accounts Payable $46,300 Trademark $7,600 Account Receivable 30,200 Income tax expenser 14,000 Accumulated. Dep.Building 13,000 - Interest Expense 2.150 Accumulated DepEquip: 3,600 - and- 142,500 Building 39,500 Inventory 74,250 Notes Payabte de 2022 10,050 Mortgage payable 19,750 -Cash 106,000 Office expenses 67,750 Common Shares (5,000.issued 122.960 - Uneared Rerence 12.200 Cost of goods sold 244,200 Prepaid insurance 3,950 Dividends 1,850 - Retained Earnings an. 1. 2018) 37,050 Equipment 10,900 -Sales- 470,000 The company has the following transactions for the month of January, 2019 Jan. 2 Issued additional 10,000 common shares, received $40,000 cash and land valued at $50,000 Jan. 3 Borrowed $50,000 from the bank due 2024, 6 percent interest rate. Jan. 4 Purchased a two year fire insurance policy for $12,000 cash. Jan.5 Purchased $40,000 of equipment for $25,000 cash and the balance on account Jan. 6 Paid a cash dividend of $15,000 to the common stock shareholders. Jan 10 Paid for an advertisement in a local paper, $500 Jan 11 Purchased office supplies on account for $4,000. Jan. 12 Hired a bookkeeper at a salary of $4,000 per month, to start February 1, 2020 Jan 13 Paid for several advertising spots on the local radio station, 53,000. Advertising spots to be February 1, 2020. Jan 15 Paid employees wages of $7,000 for the first two weeks of work. Sod+ Jan 17 Billed customers $45,000 for products delivered in the first two weeks of January. The amounts are due by the 15 of next month. Jan 20 Pald $8,000 for the current month's office expenses. Jan 24 Received $10.000 from clients in partial settlement of the accounts billed Jan 17, 2019 Jan 30 One of Mike's customers paid $28.000 in advance for goods to be imported March 1, 2020. Jan 30 Billed clients $55,000 for products delivered in the last two weeks of January. The amounts are due by the 28th of next month. Jan 31 Paid employees $7,500 for the last two weeks of work. Jan 31 Made a payment to the bank of $1250 for interest on the bank loan and $900 to pay on the principal amount owing to the bank. Jan 31 Paid Canada revenue Agency $2,200 for an income tax installment for the month of January Jan 31 Accrued salary amounted to $15,000 for the month of January. Jan 31. Received a utility bill for $900, due February 15, 2020. Instructions: 1. Journalize the January Transaction in the General Journal 2. Set up T accounts in the General Ledger and post the beginning T account Balances and journal entries for January. 3. Prepare a Trial Balance. 4. Prepare an income statement, Statement of changes in equity and a classified Balance sheet (statement of financial position) for January 31, 2019. ASSIGNMENT 3 - CHAPTER 3 - Journal entries and preparation of financial statements Assignment is worth one half of a percent (1.5%) - Groups of two are allowed. Instructions: Submit a paper copy of a Word or Excel file in which you completed the assignment Paper Copy: Must have a title page containing the following information: DR (003,950 954 700 VOB, 200 1. Course: ACCT 215 2. Section: 3. Instructor: Mike Clovechok 4. Assignment: Chapter 3 5. Your first and last name: 6. Your student ID number: You are presented with the following alphabetical list of accounts and balances in thousands for Mike Importers Limited as January 1, 2019. Firm's fiscal year end is anuary 31, 2019 Accounts Payable $46,300 Trademark $7,600 Account Receivable 30,200 Income tax expenser 14,000 Accumulated. Dep.Building 13,000 - Interest Expense 2.150 Accumulated DepEquip: 3,600 - and- 142,500 Building 39,500 Inventory 74,250 Notes Payabte de 2022 10,050 Mortgage payable 19,750 -Cash 106,000 Office expenses 67,750 Common Shares (5,000.issued 122.960 - Uneared Rerence 12.200 Cost of goods sold 244,200 Prepaid insurance 3,950 Dividends 1,850 - Retained Earnings an. 1. 2018) 37,050 Equipment 10,900 -Sales- 470,000 The company has the following transactions for the month of January, 2019 Jan. 2 Issued additional 10,000 common shares, received $40,000 cash and land valued at $50,000 Jan. 3 Borrowed $50,000 from the bank due 2024, 6 percent interest rate. Jan. 4 Purchased a two year fire insurance policy for $12,000 cash. Jan.5 Purchased $40,000 of equipment for $25,000 cash and the balance on account Jan. 6 Paid a cash dividend of $15,000 to the common stock shareholders. Jan 10 Paid for an advertisement in a local paper, $500 Jan 11 Purchased office supplies on account for $4,000. Jan. 12 Hired a bookkeeper at a salary of $4,000 per month, to start February 1, 2020 Jan 13 Paid for several advertising spots on the local radio station, 53,000. Advertising spots to be February 1, 2020. Jan 15 Paid employees wages of $7,000 for the first two weeks of work. Sod+ Jan 17 Billed customers $45,000 for products delivered in the first two weeks of January. The amounts are due by the 15 of next month. Jan 20 Pald $8,000 for the current month's office expenses. Jan 24 Received $10.000 from clients in partial settlement of the accounts billed Jan 17, 2019 Jan 30 One of Mike's customers paid $28.000 in advance for goods to be imported March 1, 2020. Jan 30 Billed clients $55,000 for products delivered in the last two weeks of January. The amounts are due by the 28th of next month. Jan 31 Paid employees $7,500 for the last two weeks of work. Jan 31 Made a payment to the bank of $1250 for interest on the bank loan and $900 to pay on the principal amount owing to the bank. Jan 31 Paid Canada revenue Agency $2,200 for an income tax installment for the month of January Jan 31 Accrued salary amounted to $15,000 for the month of January. Jan 31. Received a utility bill for $900, due February 15, 2020. Instructions: 1. Journalize the January Transaction in the General Journal 2. Set up T accounts in the General Ledger and post the beginning T account Balances and journal entries for January. 3. Prepare a Trial Balance. 4. Prepare an income statement, Statement of changes in equity and a classified Balance sheet (statement of financial position) for January 31, 2019