Prepare the closing entries

Assignment Help Cost Accounting

Reference no: EM1377487

Biando Corporation began operations on 1^st May, 2010 and completed the subsequent transactions during its first month of operations.

A. Sold capital stock for $30,000.
B. Purchased land and building valued at $35,000 and $165,000, correspondingly, by paying $10,000 cash and signing a 20-year mortgage for balance.
C. Purchased office equipment on account, $7,500.
D. Billed a customer for services performed, $5,000.
E. Received an $800 deposit from a customer for services to be performed subsequent month.
F. Made a partial payment on account for office equipment purchased in transaction (C), $1,500.
G. Performed a service and instantly collected $2,000.
H. Received and instantly paid the telephone bill for month, $380.
I. Paid a dividend to owners, $3,000.
J. Received, but did not pay, the monthly utility bill, $450.

1. Create the general journal entries to record each of these events.
2. Prepare the closing entries.

Reference no: EM1377487

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