1. Make the Adjusted entries then Adjusted Trial Balance

2. Make the Income Statement

3. Make the Retained Earning Statement

4. Make the Financial Position Statement

5. Make the Close Entries

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The following events occurred during its first month, 2017. Jan 2 Issued ordinary shares in exchange for $40,000 cash. Company pays $25,000 cash for equipment. 2 3 Company pays $1,500 cash for supplies. 4 10 12 13 18 20 2222 23 25 26 27 27 28 30 Company purchase $7,000 of supplies on credit from supplier (Air Supply). Company pays $1,000 cash for January rent. Company provides consulting services and immediately collects $4,500 cash. Company pays $750 cash for employee salary. Company provides consulting services. The customer is billed $2,900 for this service. Company receives $2,900 cash from the client billed in transaction 18 January. Company pays Air Supply $1,000 cash toward the payable in transaction 4. Paid dividend $300. Company receives $3,500 cash in advance of providing consulting services to a customer. Company pays $3,600 cash (insurance premium) for a 24-months insurance policy. Coverage begins on January 1 Company pays $750 cash in employee salary for work perform in latter part of January. Company pays $180 cash for supplies Company pays $220 cash for January utilities expense The following events occurred during its first month, 2017. Jan 2 Issued ordinary shares in exchange for $40,000 cash. Company pays $25,000 cash for equipment. 2 3 Company pays $1,500 cash for supplies. 4 10 12 13 18 20 2222 23 25 26 27 27 28 30 Company purchase $7,000 of supplies on credit from supplier (Air Supply). Company pays $1,000 cash for January rent. Company provides consulting services and immediately collects $4,500 cash. Company pays $750 cash for employee salary. Company provides consulting services. The customer is billed $2,900 for this service. Company receives $2,900 cash from the client billed in transaction 18 January. Company pays Air Supply $1,000 cash toward the payable in transaction 4. Paid dividend $300. Company receives $3,500 cash in advance of providing consulting services to a customer. Company pays $3,600 cash (insurance premium) for a 24-months insurance policy. Coverage begins on January 1 Company pays $750 cash in employee salary for work perform in latter part of January. Company pays $180 cash for supplies Company pays $220 cash for January utilities expense

Answer rating: 100% (QA)

Answer 1 Answer 2 Answer 3 Answer 4 Answer 5 1 2 Sales 3 Less Variable Expenses 4 Contribution Margi... View the full answer