Reference no: EM131292940
You need to complete the accounting cycle for Jordan Company for the month of December 31, 2015. 1. Prepare the general journal entries to record these transactions using the accounts below. Dec. 1 Jordan invests $50,000 cash along with office equipment valued at $14,400 in the company in exchange for common stock. Dec. 2 The company purchased $1,000 office supplies on credit. Dec. 6 The company completed a job and received $800 cash. Dec. 15 The company prepaid $12,000 for 12 months rent for office space. Dec. 18 The company purchased $7,200 in office equipment on credit. Dec. 20 The company completed an $8,000 job for a client on credit. Dec. 22 The company paid cash of $500 on accounts payable from Dec. 18. Dec. 30 The company paid cash of $105 for this month's electric bill. Dec. 31 The company received $1,000 cash from the client billed on Dec. 20. Dec. 31 The company paid cash of $250 in dividends. 101 Cash 102 Accounts Receivable 105 Office Supplies 120 Prepaid Rent 160 Office Equipment 161 Accumulated Depreciation - Office Equipment 201 Accounts Payable 307 Common Stock 312 Dividends 330 Retained Earnings 401 Services Revenue 600 Depreciation Expense 601 Utilities Expense 602 Office Supplies Expense 603 Rent Expense
4. Prepare adjusting entries to reflect adjustments a-d. a. The office equipment has a 3 year life. b. One month of the prepaid rent has expired. c. The inventory of supplies shows $800 of supplies still available. d. The company has earned $2,000 of services that are not billed at month-end. 1
5. Post the adjusting entries in Req. 4 to the ledger (T accounts) and update the balances.
6. Prepare an adjusted trial balance as of Dec. 31. 7. Prepare an income statement, statement of retained earnings, and balance sheet as of Dec. 31.
8. Record the necessary closing entries for Jordan Company.
9. Post the closing entries to the ledger (T accounts) and update the balances at the end of the month.
10. Prepare a post-closing trial balance as of December 31, 2016.
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