Reference no: EM132842630
Question - Prepare journal entries, Any monthly end adjustment journal entries, Income statements, Statement of retained earnings, and a Balance sheet for Vingold Inc.
On Jan 1st, Ginvold Co. began operating a subsidiary on January 1, 2019, acquiring all of the common stock for $50,000. They named the subsidiary Vingold, Inc.
On Jan 1st, Vingold, Inc. immediately borrowed $120,000 on a five-year note with ten percent interest payable annually beginning on January 1, 2020.
On Jan 1st, Vingold, Inc. purchased a building for $170,000. (This property had a ten-year anticipated life and no salvage value and was to be depreciated using the straight-line method.).
On Jan 1st, Vingold, Inc. rented the building for three years to a local doctor group for $6,000 per month.
On Feb 1st, In February, Vingold, Inc. purchased $50,000 of Widgets for resale. The seller gave the company short-term credit with terms of Net due in 90 days.
On March 1st, In March, Vingold, Inc. sold $40,000 of the Widgets at a total price of $60,000 on terms of the net due in 31 days. On April 1st, In April, Vingold, Inc. received payment for the Widgets they sold in March.
On May 1st, Vingold, Inc. paid the balance due from the February purchase of the widgets.
On October 1, Vingold, Inc. paid $5,000 for a building repair made on that date.
On Dec 31st, By year-end, payments totaling $60,000 in rental payments had been received from the doctors.
On Dec 31st, A cash dividend of $6,000 was transferred back to Ginvold on December 31 2019.
Any Month-end adjustment entries?