Question: Instructions pleade number each entry Prepare journal entries for each event. Prepare the t-accounts. Prepare unadjusted Trial Balance (please follow the proper order in which
Instructions pleade number each entry
- Prepare journal entries for each event.
- Prepare the t-accounts.
- Prepare unadjusted Trial Balance (please follow the proper order in which accounts are presented in the trial balance).
PROJECT 1 Blackberry Mountain Inc began business on January 1, 2020. The following transactions occurred during the month of January, Jan 1 Compuny issued common stock for $21,000. Jan 2a Supplies are purchased for $3,000. Jan 2b Insurunce is paid for 6 months beginning January 1:$5,400 (record as an assec) Jan 2e Rent is paid for 3 months beginning in January: $4,500 (record as an asset) Jan 3 Blackberry Mountain Ine borrows $45,000 from 1st State Bank (due in the year 2025) at 12% amual interest. Jan 6 An equipment is purchased for 522,500 cash. It will be used for 3 years and will be depreciated monthly using straight-line depreciation with no salvage value. A full month of depreciation will be charged in January. Jan 9 Services are performed for customers on account. Invoices totaling 59,800 are mailod. Jan10 Services are performed for cash customers: 57,600 . Jan 15 Blackberry Mountain Inc borrows $16,000 from 2 nd State Bank (due in the year 2030) at 98 annual interest. Jan16 Wages for the first half of the month are paid on January 16: 54,200 . Jan 20 The company receives $3,000 from a customer for an advance order for services to be provided in January and February. Jan 25 Collections from customers on account (sec January 9 transaction): $4,500. Jan 30 A $3,100 utility bill for January arrived. It is due on February 15. Additional information for the adjusting entries at January 31: a. The company completed 60% of the deliveries for the customer that paid in advance on January 20 th b. Interest is accrued for the two bank loans (assume a full month for the Ist State Bank loan and Y/2 month for the 2nd State Bank loam). c. The last 2 weeks wages earned by employees are $4,200 and will be paid on February 3rd. d. Record January depreciation. e. Adjust the prepnid asset accounts as needed. f. Supplies of 52500 were still available on January 31
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