Jane whitfield a sole proprietor established the jw flower

Reference no: EM13589244

Jane Whitfield, a sole proprietor, established the JW Flower Shop on January 2, 2010. The following transactions have occurred during the month of January:

Jan. 5. Jane deposited $ 15,000 in her business checking account. This is her
initial investment in the business.

Jan. 7. Jane purchased flower grooming equipment for $4,500. She paid $2,000 as a down payment and signed a note to pay the balance in two payments.

Jan. 10. Jane purchased a computer system for $2,500, cash.

Jan. 12. She sold flowers to a wedding ceremony in the amount of $4,500, but she
had to bill them. The invoice was to be paid by February, 2010.

Jan. 15. Jane purchased office supplies in the amount of $1,500.

Jan. 20. She received ½ of what she billed for flowers for the wedding ceremony
on Jan. 12th.

Jan. 22. She withdrew $2,000. for her personal use.

Jan. 25. She decided to pay one payment that she owed on her equipment purchase on Jan. 7th.

Jan. 31. Jane hired an assistant and paid the wages by the end of the month
in the amount of $1,500.

Jan 31. She had a total of $25,000 in cash sales for the month.

Adjusting entries:

A1 - she used 2/3 of the supplies by the end of the month,A2 - depreciation on the grooming equipment - $450.

Required

A. Record the journal entries

B. Set up necessary T-Accounts and post the journal entries

C. Prepare a trail balance for the period ended January 31, 2010

D. Prepare an income statement for the period January 2010.

E. Prepare a statement of changes in capital for the period January 2010

Reference no: EM13589244

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