Reference no: EM131210500
Salem Company started its operations on January 1, 2016. The following transactions took place during the first month of operations:
Jan 1: Saleminvests $480,000 cash to start the business.
Jan 5: Purchased furniture for $72,000, paying $18,000 in cash and sign a note for the remaining balance.
Jan 8: Purchased supplies for $3,600 on credit.
Jan 12: Paid $6,300 cash for January rent.
Jan 18: Paid $1,800 cash for office supplies purchased on January 8.
Jan 24: Services billed to customers amount to $36,000.
Jan 25: Received utility bills for $5,400 for the month of January.
Jan 27: Paid $19,800 cash for salaries.
Jan 29: Received $27,000 cash from customers in payment for services billed on January 24.
Jan 31: Salem withdrew $10,100 from the business for personal use.
Required:
1- Prepare Journal entries to record the above transactions.
2- Post to the appropriate ledger accounts.
3- Prepare the trial balance on January 31, 2016.
4. Prepare financial statements for the month.
|
How will this impact your instruction
: Knowing how memory works, how will this impact your instruction? How will you help students to retain and retrieve the information they need to know? Provide a specific strategy that you would utilize in your classroom to ensure that the content m..
|
|
Incorporate the accompanying components
: Write a paper of more than 6 pages to incorporate the accompanying components Select a suggestion from the two inventive arrangements distinguished in Week 4 for tackling the issue.
|
|
Describe two condition necessary for a strong santa ana wind
: Describe the two conditions necessary for a strong Santa Ana wind (Hint: think temperature and pressure). Describe the seasonal dependence of Santa Ana winds and what explains this seasonality?
|
|
Can you identify any dependencies that hold over s
: Suppose that we have the following three tuples in a legal instance of a relation schema S with three attributes ABC (listed in order): (1,2,3), (4,2,3), and (5,3,3).
|
|
Prepare journal entries to record the above transactions
: Salem Company started its operations on January 1, 2016. The following transactions took place during the first month of operations: Prepare Journal entries to record the above transactions. Post to the appropriate ledger accounts
|
|
What is the percent return on equity
: a. What is the percent return on equity? b. What is the percent return on total market value? Does this appear to be an adequate return on the actual market value of the firm?
|
|
Identify any correlation between rape and pornography
: Analyze the selected journal articles and identify any correlation between rape and pornography. Provide statistical information in support. Synthesize your research and conclude, with reasons, whether pornography leads to sexual violence. If not..
|
|
Is strong us dollar always good for us and global economies
: How do changes in interest rates, inflation, productivity, and income affect exchange rates? Is a strong U.S. dollar always good for the U.S. and global economies? Why or why not?
|
|
Internet for the history of that branding
: In your first paragraph, briefly describe the branding item chosen and summarize its history from the article. Do not quote from the article or copy lists; write in your own words. End the first paragraph with a proper APA in-text citation.
|