Question: Please answer everything. I will upvote if all work is shown and correct ( Include all steps and formulas ) . External Economic Events: Part
Please answer everything. I will upvote if all work is shown and correct Include all steps and formulas
External Economic Events: Part A The following transactions occurred for NJCU's LLC New Publicly Traded Company, prior to and during the first month of operations January
Study the transactions shown below and record the necessary journal entries skipping a line between each entry.
Post each journal entry transaction to their respective modified T ledger accounts using a lined ruled paper
a The $ cash deposited in the business bank account received from issuing shares with par value of $ per share
b The owner paid $ cash for land.
c The owner borrowed $ on a mortgage payable at interest.
d The owner paid $ cash for a building.
e Equipment was purchased for $ paying $ cash; and the balance owed on a note payable.
f Furnishings were purchased for $ cash.
g Linen inventory was purchased for $ cash.
h Supplies were purchased for $ on account.
i Vending inventory was purchased for $ cash.
j Room sales revenue during the month was $; cash and credit cards.
k Vending sales revenue from vending machines was $ cash.
l Wages of $ cash were paid.
m The owner paid $ on accounts payable.
n The owner paid $ on an annual liability and casualty insurance policy.
o The owner paid $ on the mortgage payable and $ for interest.
Internal Economic Events: Part B After journalizing and posting the operating transactions for the month of Jan journalize the
following adjusting entries Use separate entries for clarity.:
Estimated closing value of the linen inventory is $
Wages earned by employees but unpaid are $
Onetwelfth of the prepaid insurance has been consumed.
Interest owing, but not yet paid on the equipment note payable account is of the balance owing at monthend.
Equipment has a year life and a $ residual value; SL depreciation.
Furnishings have an year life and a $ residual value; SL depreciation.
Building has a year life and a $ residual value; SL depreciation.
Supplies used during the first month are $
Part C i Using Excel, analyze each economic event and prepare the General Journal
ii Use Excel to create the T account for each Gneral Ledger Account
iii Use Excel to create the Unadjusted Trial Balance
iv Use Excel to create the adjusting entries based on internal economic events shown in PartB Update the Unadjusted Trial Balance to prepare an Adjusted Trial Balance
v Use Excel to prepare an Income Statement and a Balance Sheet
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