Problem 3-2 Listed below are the accounts and their respective balances for Jelly, Inc. at December 31, 20X1: $ 300,000 100,000 Cash Inventory (5 things @$ 20,000 each) Land Security Deposit Taxes Payable Note Payable Common Stock (2,000 shares) Retained Earnings During 20X2 the following transactions occurred: 30,000 3,000 10,000 100,000 105,000 218,000 Purchased 11 things at $20,000 each. Paid 60% down and will pay the rest later. Sold 10 things for $35,000 each. Paid 20X1 taxes payable. Paid cash for wages of $80,000. Paid rent of $12,000. July 1: Sold 500 shares of stock to new shareholders, $20,000. Paid interest on the note at 5%. Paid a $5,000 dividend to shareholders on December 31, 20X2. Also, during the year the company paid 50% of the 20X2 taxes. The tax rate is 30%. At Dec 31, 20X2, the company owed $7,000 in salaries which had not yet been paid. Prepare Journal Entries and T-Accounts, Income Statement, Statement of Owner's Equity, and Balance Sheet.

ALSO NEED ACCOUNT CYCLE

Problem 3-2 Listed below am the accounts and their respective balances for Jelly, Inc. at December 31,20X1 : During 20X2 the following transactions occurred: Purchased 11 things at $20,000 each. Paid 60% down and will pay the rest later. Sold 10 things for $35,000 each. Paid 20X1 taxes payable. Paid cash for wages of $80,000. Paid rent of $12,000. July 1: Sold 500 shares of stock to new shareholders, $20,000. Paid interest on the note at 5%. Paid a $5,000 dividend to shareholders on December 31,202. Also, during the year the company paid 50% of the 202 taxes. The tax rate is 30%. At Dec 31,20X2, the company owed $7,000 in salaries which had not yet been paid. Prepare Journal Entries and T-Accounts, Income Statement, Statement of Owner's Equity, and Balance Sheet