Fundamentals of financial accounting journal entries

Assignment Help Financial Accounting

Reference no: EM131209213

Requirements

Use the following transaction descriptions to compose the following 5 items:

Journal entries for all transactions through the end of year (Dec. 31^st)
End of year unadjusted trial balance
Adjusting journal entries for end of year adjusting transactions
End of year adjusted trial balance
Income Statement
Statement of Retained Earnings
Balance Sheet

Transactions

1. Dec. 1^st - a new company is formed called "Lawn Darter, Inc." $10,000 cash is contributed to the start-up in exchange for common stock.

2. Dec. 1^st - $1,500 was paid for 3 months' rent in advance.

3. Dec. 1^st - a $2,400 riding lawn mower was purchased in cash. This piece of equipment was determined to have a 2 year (24 month) usable lifespan.

4. Dec. 8^th - $400 of supplies were purchased on account and paid in cash 30 days later.

5. Dec. 10^th - lawn service job was performed and payment was $1,250 in cash

6. Dec. 12^th - a customer paid $1,400 in cash for lawn service to be performed Jan. 10^th

7. Dec. 15^th - lawn service job was performed and payment was $1,100 in cash

8. Dec. 17^th - lawn service job was performed and payment was $750 on account, paid in cash 30 days later.

9. Dec. 20^th - lawn service job was performed and payment was $1,800 in cash

10. Jan. 1^st - an inventory was done and it was determined $150 of supplies were used in Dec.

11. Jan. 5^th - a $200 dividend for the prior year was paid in cash

12. Jan. 5^th - $1,700 in employee wages for Dec. were paid in cash

13. Jan. 10^th - lawn service job was performed per previous agreement

14. Mar. 1^st - $450 of income taxes were due for the prior year

Reference no: EM131209213

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