Reference no: EM132901106
Financial Statement Preparation
ABC Company started their business on January 1, the following were the transactions in January:
Jan 1 - Issued capital stock in exchange for $300,000 cash
Jan 1 - Purchased an equipment with original value $80,000, paid $30,000 in cash and $50,000 will be paid in February. The estimated residual value and useful life are $20,000 and 5 years respectively.
Jan 5 - Paid January insurance expense $5,000 in cash.
Jan 10 - Provided services to client X and billed him $20,000.
Jan 15 - Paid January utilities of $5,000 in cash
Jan 18 - Received $6,000 cash from client X.
Jan 19 - Services valued $9,000 were rendered to client Y but not yet billed.
Jan 31 - Recorded salary expense of $11,000 which to be paid on February 1.
Problem a) Prepare journal entries for the month January
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