Question: Using these transactions how do I place onto a balance sheet? I already have the journal entries Accounting Cycle Project Transactions (1/31) Orca Company pays
Using these transactions how do I place onto a balance sheet? I already have the journal entries
Accounting Cycle Project Transactions (1/31)
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Orca Company pays its supplier for inventory purchased on 1/2/2022 (owed $5,000)
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Orca Company provides services worth $5,000 and is paid in cash
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Orca Company allocates $20,000 for payment to employees for salaries.
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Orca Company purchases a building using a note payable for $480,000 at 5.00% annual interest and Orca Company puts $15,000 down.
Accounting Cycle Project Transactions (2/2)
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Schedules a service to be performed later, but receives the $3,000 for the service now
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Pays the supplier for inventory purchased on 1/9 (owed $5,000)
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Pays the employee salaries allocated on 1/31 for the month of January ($20,000)
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Pays January utilities of $1,750
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Pays rent for February ($500) IN NOTEBOOK
Accounting Cycle Project Transactions (2/4)
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Provides services to a customer worth $16,000. The customer pays for half of the service now and the rest is on account
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Purchases liability insurance for its business starting in February at $12,000 for the year. Note all $12,000 is paid immediately
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Purchases $2,000 of supplies, on account. The supplies purchased on 1/1 have all been used. IN NOTEBOOK
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Purchases a $30,000 equity stake (investment) in a start-up company
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Orca Company prepares its January adjusting and closing entries (performed together in class on 2/7)
Accounting Cycle Project Transactions (2/7)
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Sells Common Stock for $50,000
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Provides Services to Customers worth $10,000 and is paid in cash
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Purchases new advertisements for $4,400
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Pays for supplies purchased on 2/4
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Provides the services to customers scheduled on 2/2
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A customer approaches Orca Company and requests a service worth $6,000. The customer pays Orca Company $2,000 now and will pay the other $4,000 once the service is provided.
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