Shipping Inc.'s transactions during January 2023: 1. Jan. 1 - Issued 7,500 shares of no-par common...

   

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Shipping Inc.'s transactions during January 2023: 1. Jan. 1 - Issued 7,500 shares of no-par common stock for $14 per share. 2. Jan. 1- Purchased a delivery van (used) for $16,000 in cash. Monthly depreciation for the van is $250. 3. Jan. 1-Paid $3,840 for a one-year insurance policy covering the period January 1, 2023 - December 31, 2023. 4. Jan. 7 - Performed repairs and maintenance on their computer equipment costing $2,000. 5. Jan. 12 - Purchased inventory on credit for $92,000. 6. Jan. 15 - Declared $4,000 in dividends payable to its shareholders on February 5th. Shipping Inc. elected to debit Retained Earnings on the date of declaration. 7. Jan. 22 - Paid $65,000 to its suppliers for inventory purchased on credit in December 2022. 8. Jan. 25 - Provided services for which a customer had paid $3,000 in December of 2022. The expect to complete the remaining services the customer paid for in February 2023. (hint: see the deferred revenue account in the January 1, 2023 trial balance). 9. Jan. 31 - Paid its employees $45,000 for work performed from December 26 - January 25. $6,800 was for work performed in December 2022, and 38,200 was for work performed from January 1 – January 25, 2023. 10. During January Shipping Inc. collected $145,200 in accounts receivable. (Make a summary entry for the entire month). 11. During January Shipping Inc. made credit sales for $210,000. The cost of the goods sold was $125,000. (Make summary entries for the entire month). Other information: 1. Monthly depreciation for the Furniture & Fixtures is $500, and monthly depreciation for the computer equipment is $350. 2. Th65. made their regularly scheduled interest payment of $4,800 on December 31, 2022. 3. During the period January 26 - January 31 employees earned an additional $5,900 which will be included in their February paycheck. 1. Prepare journal entries for each of the attached transactions. 2. Post each of the journal entries to related T-accounts. 3. Prepare a trial balance at the end of the month. 4. Prepare any necessary adjusting entries. 5. Prepare an adjusted trial balance. 6. Prepare Shipping Inc.'s Income Statement for the month ended January 31, 2023. 7. Prepare Shipping Inc.'s January 31 closing entries. 8. Prepare Shipping Inc.'s January 31 post-closing trial balance. 9. Prepare Shipping Inc.'s Statement of Retained Earnings for the month ended January 31, 2023, and their Balance Sheet as of January 31, 2023. Shipping Inc.'s transactions during January 2023: 1. Jan. 1 - Issued 7,500 shares of no-par common stock for $14 per share. 2. Jan. 1- Purchased a delivery van (used) for $16,000 in cash. Monthly depreciation for the van is $250. 3. Jan. 1-Paid $3,840 for a one-year insurance policy covering the period January 1, 2023 - December 31, 2023. 4. Jan. 7 - Performed repairs and maintenance on their computer equipment costing $2,000. 5. Jan. 12 - Purchased inventory on credit for $92,000. 6. Jan. 15 - Declared $4,000 in dividends payable to its shareholders on February 5th. Shipping Inc. elected to debit Retained Earnings on the date of declaration. 7. Jan. 22 - Paid $65,000 to its suppliers for inventory purchased on credit in December 2022. 8. Jan. 25 - Provided services for which a customer had paid $3,000 in December of 2022. The expect to complete the remaining services the customer paid for in February 2023. (hint: see the deferred revenue account in the January 1, 2023 trial balance). 9. Jan. 31 - Paid its employees $45,000 for work performed from December 26 - January 25. $6,800 was for work performed in December 2022, and 38,200 was for work performed from January 1 – January 25, 2023. 10. During January Shipping Inc. collected $145,200 in accounts receivable. (Make a summary entry for the entire month). 11. During January Shipping Inc. made credit sales for $210,000. The cost of the goods sold was $125,000. (Make summary entries for the entire month). Other information: 1. Monthly depreciation for the Furniture & Fixtures is $500, and monthly depreciation for the computer equipment is $350. 2. Th65. made their regularly scheduled interest payment of $4,800 on December 31, 2022. 3. During the period January 26 - January 31 employees earned an additional $5,900 which will be included in their February paycheck. 1. Prepare journal entries for each of the attached transactions. 2. Post each of the journal entries to related T-accounts. 3. Prepare a trial balance at the end of the month. 4. Prepare any necessary adjusting entries. 5. Prepare an adjusted trial balance. 6. Prepare Shipping Inc.'s Income Statement for the month ended January 31, 2023. 7. Prepare Shipping Inc.'s January 31 closing entries. 8. Prepare Shipping Inc.'s January 31 post-closing trial balance. 9. Prepare Shipping Inc.'s Statement of Retained Earnings for the month ended January 31, 2023, and their Balance Sheet as of January 31, 2023.

Answer rating: 100% (QA)

1 Prepare journal entries for each of the attached transactions Date Account Title Debit Jan 1 Cash 105000 Common Stock 105000 Jan 1 Delivery Van Asset 16000 Cash 16000 Jan 1 Prepaid Insurance Asset 3... View the full answer