Prepare appropriate general journal entry for transaction

Assignment Help Financial Accounting

Reference no: EM13906240

1. Listed below are the transactions that occurred in September 2006. Prepare the appropriate general journal entry for each transaction.

9/1 The company issued 500 shares of capital stock at $10 per share.

9/2 Jackson Corporation borrowed $10,000 from the bank signing a 3-month note at 12% annual interest.

9/3 $3,000 supplies were purchased on account.

9/4 Office furniture was purchased for $6,000 cash. The furniture is expected to have a ten-year life, with no residual value.

9/15 Wages for the first half of September were paid, $2,000.

9/17 The company billed customers $1,500 for services performed.

9/20 $3,000 was received for services to be provided in September and October.

9/23 $5,000 cash was received for services performed in September.

9/27 The company collected $1,000 on account.

9/30 Declared and paid dividends, $1,000.

2. Post each of the journal entires to the appropriate ledger (T) accounts.

3. Prepare an unadjusted trial balance.

4. Record in general journal form any adjusting entries needed at the end of September and post the entries to the ledger. Additional information available at the end of SEptember includes:

k. $2,000 of supplies remains on hand.

l. Fees earned but not yet billed total $3,000.

m. By the end of September, the company had performed one-third of the services related to the 9/20 transaction.

n. At the end of September, employees were owed $2,000.

o. Hint: There are two more adjusting entries required ( 9/2 and 9/4)

5. Post adjusting journal entries to the ledger accounts.

6. Prepare an adjusted trial balance for Jackson Corporation.

7. Prepare financial statements (Income Statement, Statement of Retained Earnings, and Balance Sheet) for Jackson Corporation.

8. Prepare closing entries for Jackson Corp. Post the closing entries to the ledger accounts.

9. Prepare an after-closing trial balance for Jackson Corporation.

Reference no: EM13906240

Questions Cloud

Ben needs cash fast and has asked lucy for a loan : Ben needs cash fast and has asked Lucy for a loan. Ben will willing to put up his PlayStation as collateral. Lucy has determined after a quick Internet search that Ben's PlayStation is worth $300.

Break-even point can be decreased by decreasing : Variable costs, as activity increases, will: A cost that increases in total, but not proportionately with increases in the activity level, is a(n): The assumptions that underlie basic CVP analysis include all of the following except: A company's brea..

Estimate tax benefit from the domestic production activities : Estimate the tax benefit from the domestic production activities deduction for each construction technique. You may assume that Andrew has sufficient AGI to utilize the deduction and that his marginal tax rate is 30 percent.

Compare and contrast the different stages of the business : Compare and contrast the different stages of the business cycle and how inflation and unemployment vary via these different stages. Then discuss the appropriate fiscal and monetary policies to address inflation and unemployment.

Prepare appropriate general journal entry for transaction : Listed below are the transactions that occurred in September 2006. Prepare the appropriate general journal entry for each transaction. Prepare an unadjusted trial balance. Post adjusting journal entries to the ledger accounts. Prepare an adjusted tri..

What is the average resource load factor? : What is the average resource load factor?

A machine can be purchased : A machine can be purchased for $ 150,000 and used for 5 years, yielding the following net incomes.

Use to identify and separate the cost : What would be the method you would use to identify and separate the cost between locations for the cost to trademark your product with a brand name

Project financial statement analysis project : Your Course Project Financial Statement Analysis Project—A Comparative Analysis of Oracle Corporation and Microsoft Corporation Here is the link for the financial statements for Oracle Corporation for the fiscal year ending 2011.

User Account

All Pages