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1. December 1 - Issued capital stock for $100,000 to start a house painting business. 2. December 1 - Paid gas expense $500. 3. December 1 - Paid one year insurance premium costing $3,600.
4. December 1 - Received $3,000 for a job to paint a house in January next year. 5. December 1 - Painted three houses totaling $15,000 and billed customers. 6. December 1 - Purchased equipment costing $8,400 on credit. 7. December 12 - Purchased supplies costing $900 on credit. 8. December 23 - Painted three rooms and billed customers $1,500. 9. December 31 - Paid for equipment purchased in #6. 10. December 28 - Received $2,000 for houses painted in #5. 11. December 31 - Paid a $2,000 dividend. Required: 1. Prepare journal entries for the above transactions.
2. Post the above transactions to T Accounts. 3. Prepare a Trial Balance. 4. Prepare adjusting entries in journal format and post to T Accounts. Supplies on Hand December 31 was $400. The Equipment is to be depreciated over 48 months starting with December. (HINT; Record one month depreciation expense). Wages owed but not paid on December 31 was $200. One month of insurance has expired. 5. Prepare an Adjusted Trial Balance. 6. Prepare an Income Statement, Statement of Retained Earnings and a Balance Sheet. 7. Prepare closing entries in journal format and post to the T Accounts. 8. Prepare a Post-Closing Trial Balance.
Attachment:- mid-term_acc111_0.xlsx
Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
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