Homework 3 Summarized transactions for January 2018 were as follows: On January 1, 2019, issues 10,000 shares of common stock for cash. On January 5, 2019, purchases equipment on account for 2,500, payment due within the month. On January 8, 2019, receives 3,000 cash in advance from a customer for services not yet rendered. On January 9, 2019, pays 1200 insurance for one year in cash. On January 10, 2019, provides 6,500 in services to a customer who asks to be billed for the services. On January 11, 2019, purchases supplies on account for 500, payment due within three months. On January 12, 2019, pays a 300 utility bill with cash. On January 17, 2019, receives 2,800 cash from a customer for services rendered. On January 19, 2019, paid in full, with cash, for the equipment purchase on January 5. On January 20, 2019, paid 7,600 cash in salaries expense to employees. On January 27, 2019, provides 9,200 in services to a customer who asks to be billed for the services. On January 30, 2019, divident payment of 1,000 made. Instructions 1. Prepare journal entries to record each of the January transactions. (Omit explanations.) 2. Post the journal entries to the accounts in the ledger. 3. Prepare an unadjusted trial balance as of January 31, 2018. ADJUSTMENTS: Insurance expires at the rate of 100. 300 of supplies are on hand. Depreciation on the equipment is 300. Interest of 100 has accured. 4. Prepare journal entries to record each of the January transactions. (Omit explanations.) 5. Post the journal entries to the accounts in the ledger. 6. Prepare an adjusted trial balance as of January 31, 2018. 7. Prepare Income Statement. 8. Prepare Retained Equity Statement. 9. Prepare Balance Sheet. 10. Jornalize the closing entries. 11. Prepare an post trial balance as of January 31, 2018.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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Homework 3 Summarized transactions for January 2018 were as follows: On January 1, 2019, issues 10,000 shares of common stock for cash. On January 5, 2019, purchases equipment on account for 2,500, payment due within the month. On January 8, 2019, receives 3,000 cash in advance from a customer for services not yet rendered. On January 9, 2019, pays 1200 insurance for one year in cash. On January 10, 2019, provides 6,500 in services to a customer who asks to be billed for the services. On January 11, 2019, purchases supplies on account for 500, payment due within three months. On January 12, 2019, pays a 300 utility bill with cash. On January 17, 2019, receives 2,800 cash from a customer for services rendered. On January 19, 2019, paid in full, with cash, for the equipment purchase on January 5. On January 20, 2019, paid 7,600 cash in salaries expense to employees. On January 27, 2019, provides 9,200 in services to a customer who asks to be billed for the services. On January 30, 2019, divident payment of 1,000 made. Instructions 1. Prepare journal entries to record each of the January transactions. (Omit explanations.) 2. Post the journal entries to the accounts in the ledger. 3. Prepare an unadjusted trial balance as of January 31, 2018. ADJUSTMENTS: Insurance expires at the rate of 100. 300 of supplies are on hand. Depreciation on the equipment is 300. Interest of 100 has accured. 4. Prepare journal entries to record each of the January transactions. (Omit explanations.) 5. Post the journal entries to the accounts in the ledger. 6. Prepare an adjusted trial balance as of January 31, 2018. 7. Prepare Income Statement. 8. Prepare Retained Equity Statement. 9. Prepare Balance Sheet. 10. Jornalize the closing entries. 11. Prepare an post trial balance as of January 31, 2018.

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