Need it to be solved for the complete accounting cycle.

• Journal entries, Ledger accounts, Unadjusted trial balance, Adjustments in transactions, Adjusted ledgers accounts, An adjusted trial balances

Statements:

• Income Statement, Retained Earnings Statement, Balance Sheet, Statement of financial position

Following are the transactions:

1. Assets received from Ali: Cash, $70,000; accounts receivable: $1500; office equipment $7500; supplies $1250 with no liabilities.
2. Paid three months’ rent on a lease the rental contract, $3500
3. Paid a premium on property and insurance policy for the year, $1800
4. Received cash from the client as an advance for the services to be provided, $2000
5. Purchased additional office furniture on account of $1800
6. Received cash from the client on account of $800
7. Paid cash for news advertisement $150
8. Paid Cash $500 for the dept incurred on 5^th transaction
9. Recorded services provided on account for the period of transactions 1-8; $1250
10. Paid part-time engineer for half month salary, $400
11. Recorded cash from clients for the fee earned in transaction 1-8,$2175
12. Paid cash for supplies, $750
13. Recorded services provided on account for the transaction 12-13, $1100
14. Recorded cash from clients for fee earned in transaction 12-13, $1650
15. Received cash from clients on account, $1200
16. Paid part-time engineer for half month salary, $400
17. Paid Utility bill for $150
18. Paid telephone bill $250
19. Recorded cash from the clients for the fee earned in transaction 15-20, $2250
20. Recorded services provided on account for transaction 15-20, $1000
21. Ali received $5500 from the company as his salary
22. Added assets in the business furniture $35,0000, Cash $85000, supplies $25000
23. Added in the business by making a deposit in a company bank account of $24,000, in exchange for 4,800 shares of $5 par value common stock.
24. Paid the premium on a one-year insurance policy, $2,400.
25. Paid the current month's rent, $2,080.
26. Purchased landscaping equipment from Company, $8,800. Paid $1,200 down and the balance was placed on the account. Payments will be $400.00 per month for nineteen months. The first payment is due 8/1.
    Note: Use Accounts Payable for the Balance Due
27. Purchased landscaping supplies from Company on credit, $780.
28. Paid utility bill this month, $308.
29. Cash landscaping revenue for the first half of the month, $2,724.
30. Made payment on account to Company, $400.
31. Cash landscaping revenue for the last half of the month, $2,620.
32. Declared and paid a cash dividend of $1,600
33. Ali further invested $10,000 cash and $7,400 worth of plumbing equipment.
34. Paid rent for four months in advance, $1,980.
35. Purchased office equipment on account of the company $3,800.
36. Bought plumbing supplies, $1,645. 8 Collected $3,600 for plumbing services provided.
37. Mike paid his home utility bill with a company cheque, $122.
38. Billed company. for plumbing fees earned but not to be received until later, $9,600.
39. The advertising bill was received from ABCD Radio Co. but is not to be paid until next month, $420.
40. Received cheque from the company. in partial payment of transaction dated May 10, $4,800.
41. Paid company. one-half of the amount owed for office equipment, $1,900.
42. Paid telephone bill of company, $184
43. Received a bill from the company to be paid in June, $215.
44. Paid salaries to employees, $4,100.
45. Issues $40,000 shares of common stock for cash
46. purchases equipment on account for $4,500, payment due within the month
47. receives $5,000 cash in advance from a customer for services not yet rendered
48. provides $6,500 in services to a customer who asks to be billed for the services
49. pays a $500 utility bill with cash
50. distributed $500 cash in dividends to stockholders
51. receives $3,800 cash from a customer for services rendered
52. paid in full, with cash, for the equipment purchase on the 46^th transaction
53. paid $2,600 cash in salaries expense to employees
54. received cash payment in full of the customer on the 48^th transaction
55. provides $2,200 in services to a customer who asks to be billed for the services
56. purchases supplies on account for $1000, payment due within three months

Adjusted Entries of the company:

1. Insurance expired in the transaction from 1-20, $150
2. Supplies on hand in transaction 18-21, $2010
3. Depreciation for the office equipment in Transactions 1-21, $5000
4. Accrued engineer salary in transactions 1-21, $1500
5. Rent expired in the transaction 1-21, $20
6. Earned $3000 of Services that were previously paid for in transaction 4th.
7. Plumbing supplies remaining at month-end were $328.
8. One month’s rent expired at the end of the transaction month.
9. Depreciation on office equipment uses the straight-line method, a life of five years, and a residual value of $500.
10. Depreciation of plumbing equipment also uses the straight-line method, a life of three years, and zero residual value.
11. Salaries accrued amounted to 20% of the salaries paid in the transaction 42-44
12. The company took an inventory of its supplies and discovered that $100 of supplies had been used during the month.
13. The equipment purchased in the 46th transaction depreciated $75 during the month
14. The company performed $800 of services during January for the customer from the 47th transaction.
15. Reviewing the company bank statement, Printing Plus discovers $140 of interest earned during the month that was previously uncollected and unrecorded.
16. Employees earned $1,500 in salaries for the period of transaction 53-56 that had been previously unpaid and unrecorded

Answer rating: 100% (QA)

To complete the accounting cycle for the given transactions and adjustments well follow these steps Journal Entries Ledger Accounts Unadjusted Trial Balance Adjusting Entries Adjusted Ledger Accounts ... View the full answer