In the project you will assume the role of the staff accountant for Shipping Inc., and perform
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Question:
In the project you will assume the role of the staff accountant for Shipping Inc., and perform Shipping Inc.s accounting for the transactions that occurred during January A list of the transactions that Shipping Inc. engaged in during January is attached at the end of this assignment. As the staff accountant, you will need to:
Prepare journal entries for each of the attached transactions.
Post each of the journal entries to related Taccounts.
Prepare a trial balance at the end of the month.
Prepare any necessary adjusting entries.
Prepare an adjusted trial balance.
Prepare Shipping Inc.s Income Statement for the month ended January
Prepare Shipping Inc.s January closing entries.
Prepare Shipping Inc.s January postclosing trial balance.
Prepare Shipping Inc.s Statement of Retained Earnings for the month ended January and their Balance Sheet as of January
Shipping Inc.s transactions during January :
Jan. Purchased inventory costing $ on credit.
Jan. Purchased a delivery van for $ in cash. Monthly depreciation for the van is $
Jan. Paid $ for a oneyear insurance policy covering the period January through December
Jan. Purchased $ of supplies using cash.
Jan. Paid $ to its suppliers for inventory purchased on credit in December
Jan. Issued shares of nopar common stock for $ per share.
Jan. Performed repairs and maintenance on their equipment costing $paid in cash
Jan. Declared and paid $ in dividends to its shareholders. Shipping Inc. elected to debit Retained Earnings for the dividend.
Jan. Delivered goods for which a customer had prepaid $the full sales price in December of hint: see the Deferred Revenue account in the January trial balance
Jan. Paid its employees $ for work performed from December January $ was for work performed in December and was for work performed from January January
During January Shipping Inc. collected $ in accounts receivable. Make a summary entry for the entire month
During January Shipping Inc. made credit sales for $ The cost of the goods sold was $Make summary entries for the entire month
Other information:
At the end of January Shipping Inc. had $ of supplies on hand.
Monthly depreciation for the Furniture & Fixtures is $ and monthly depreciation for the equipment is $
The note payable for $ is an year note that matures on December The interest on the note is and is payable annually on each December st Shipping Inc. made their regularly scheduled interest payment of $ on December
During the period January January employees earned an additional $ which will be included in their February paycheck.
At the end of January Shipping Inc. had months of prepaid insurance remaining.
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781947172685
1st Edition
Authors: Patty Graybeal, Mitchell Franklin, Dixon Cooper
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