Question: please answer the three questions stated in Part 1. i would really appreciate it! The following events occurred during the first year of business at

The following events occurred during the first year of business at ABC Company. A. Issued common stock for $100,000. B. Employees hired agree to sign a non-compete agreement. C. Purchased office equipment costing $35,600 by paying $5,000 cash and signing a five-year 8% note for the balance. The equipment has a 5-year life and no salvage value. D. Paid $18,000 for a one-year lease on office space E. Purchased office supplies on account, $750. F. Sent a bill for $7,500 to a customer for services performed G. Three employees attend the Chamber of Commerce meeting to generate sales contacts. H. Paid employees for hours worked, \$1,025. 1. The office supply store across the street is planning a major advertising promotion next month. 3. Received $1,000 from a customer for services to be performed next month. K. Paid half of the amount owed for office supplies in transaction (E), $375. L. Paid a dividend to owners in the amount of $1,000. M. Received, but did not pay, the monthly telephone bill, \$275. N. At the end of the period a count of supplies revealed $400 of supplies on hand. O. Adjusting entry??? P. Adjusting entry??? Q. Adjusting entry??? Required: Part 1. a. Record the above transactions and adjustments in general journal form. b. Post the transactions to T-accounts and determine the account balances. c. Prepare an adjusted trial balance. The following events occurred during the first year of business at ABC Company. A. Issued common stock for $100,000. B. Employees hired agree to sign a non-compete agreement. C. Purchased office equipment costing $35,600 by paying $5,000 cash and signing a five-year 8% note for the balance. The equipment has a 5-year life and no salvage value. D. Paid $18,000 for a one-year lease on office space E. Purchased office supplies on account, $750. F. Sent a bill for $7,500 to a customer for services performed G. Three employees attend the Chamber of Commerce meeting to generate sales contacts. H. Paid employees for hours worked, \$1,025. 1. The office supply store across the street is planning a major advertising promotion next month. 3. Received $1,000 from a customer for services to be performed next month. K. Paid half of the amount owed for office supplies in transaction (E), $375. L. Paid a dividend to owners in the amount of $1,000. M. Received, but did not pay, the monthly telephone bill, \$275. N. At the end of the period a count of supplies revealed $400 of supplies on hand. O. Adjusting entry??? P. Adjusting entry??? Q. Adjusting entry??? Required: Part 1. a. Record the above transactions and adjustments in general journal form. b. Post the transactions to T-accounts and determine the account balances. c. Prepare an adjusted trial balance
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
