Description
Complete the following problem in proper form (handwritten, scan in pdf - best way - or in excel or word)
1. G. Willickers started a consulting business on Jan 1 of this year | ||||||||||
Transactions during the first month are as follows. | ||||||||||
Required: Journalize, post to T accounts and prepare a trial balance | ||||||||||
Amount | ||||||||||
1-Jan | Invests in business | $30,000 | ||||||||
2-Jan | Pays 3 mos rent on commercial space | 3,000 | ||||||||
5-Jan | Purchases prepaid insurance for three months | 1,800 | ||||||||
9-Jan | Purchases supplies on account | 2,100 | ||||||||
10-Jan | Receives cash for consulting services rendered to ABC | 4,500 | ||||||||
12-Jan | Pays salaries of | 3,600 | ||||||||
14-Jan | Purchases equipment on a note payable | 6,000 | ||||||||
15-Jan | Pays advertising for Jan | 900 | ||||||||
20-Jan | Renders consulting to XYZ and bills them | 9,600 | ||||||||
28-Jan | Pays on Accts Payable from 1/9 transaction | 2,100 | ||||||||
30-Jan | Pays salaries | 3,600 | ||||||||
30-Jan Jan 31 | Withdraws cash for personal use Receives cash from 1/20 transaction | 2,400 2,100 | ||||||||
2. Prepare adjusting entries and adjusted trial balance for the above problem based on the following: | Amount | |||||||||
Supplies remaining at month end | $420 | |||||||||
Two months insurance remains Two months prepaid rent remains | ||||||||||
Depreciation on new equipment for month | 120 | |||||||||
3. Prepare a trial balance, an income statement, statement of owners equity and balance sheet for | ||||||||||
MelaniaTrump Dating Services (note you must solve for the note payable): | ||||||||||
Drawing | $26,000 | Fees Earned | $260,000 | Cash | $78,000 | |||||
Accts Receivable | 104,000 | Capital 1/1 | 117,000 | Supply Expense | 20,800 | |||||
Salary Expense | 78,000 | Supplies | 19,500 | Insurance Expense | 13,000 | |||||
Rent Expense | 39,000 | Equipment | 65,000 | |||||||
Miscellaneous Expense | 7,800 | Note Payable | ? | |||||||
Depreciation | Accts Payable | 23,400 | Accum Depreciation Equipment | 27,600 | ||||||
Expense | 15,600 | Salaries Payable | 9,360 | |||||||
Expense | 10,400 |
Explanation & Answer
Hey buddy, Kindly have a look at the paper and get back to us in case of any clarification needed. If a revision is needed, kindly do not hesitate to request for the same. I am committed to ensuring you get quality and satisfactory work. Thank You! 😎
QUESTION 1
Date
1-Jan
2-Jan
5-Jan
9-Jan
G. Willickers Consulting Ltd.
General Journal
Account Title
Cash
Capital
To record investement in business
Debit
30, 000
30, 000
Rent expense
Cash
To record payment of rent
3, 000
Prepaid insurance
Cash
To record purchase of prepaid insurance
1, 800
Supplies
2, 100
3, 000
1, 800
Account payable
To record the purchase of supplies on account
10-Jan
12-Jan
14-Jan
2, 100
Cash
4, 500
Service revenue
To record receipt of cash for services rendered
4, 500
Salaries expense
Cash
To record payment of salaries
3, 600
3, 600
Equipment
6, 000
Note payable
To record purchase of equipment on note payable
15-Jan
20-Jan
28-Jan
30-Jan
Credit
Advertising expense
Cash
To record payment for advertising
6, 000
900
900
Account receivable
9, 600
Service revenue
To record receipt of cash for consulting services
9, 600
Accounts payable
Cash
To record payment on accounts payable
2, 100
2, 100
Salary expense
Cash
To record payment of salaries
3, 600
3, 600
30-Jan
Drawings
2, 400
Cash
To record withdraw...