Prepare balance sheet and income statement

Assignment Help Accounting Basics

Reference no: EM131766032

Question: 1/1/17 Start a corporation by investing XX in cash

1/1/17 Also invest YY in computers

1/2/17 Purchase AA in inventory

1/3/17 Buy a building for ZZ

1/17/17 Make a cash sale of inventory for BB. Cost of inventory was CC.

1/21/17 Make a credit sale of FF. Cost of inventory was GG.

1/25/17 Pay employees HH

1/27/17 Purchase inventory on credit for JJ.

1/31/17 Record accrued salary expense of KK.

1/31/17 Record depreciation expense of LL

Required: 1. Write journal entries (JEs) for "day to day" transactions.

2. Post JEs to t-accts

3. Write adjusting JEs

4. Post adjusting JEs

5. Write closing JEs

6. Prepare Balance Sheet and Income Statement. Consider how the Statement of Cash Flows would be prepared.

Reference no: EM131766032

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