Reference no: EM132877650
Question - On January 1 st 2019, Randy Guttery, Landscape Consultant opened its business. Following transactions occurred for year
1) 1/2/19-Guttery Invested $100,000 in cash to start the business, Ck #1.
2) 1/2/19-Paid $12,000 for we 12 months' rent; issued check 1001.
3)2/1/2019 Issued check 1002 for $6,000 to purchase equipment with cash. Equipment has salvage value of 100; 3 year life.
4) 3/1/2019-Performed services for Cash in the amount of $50,000.
5) 4/1/2019 Purchased a copier for $10,000; paid $6,500 in cash and rest on account. Invoice #1. Zero salvage value, 5 year life.
6) 5/1/2019 Performed services for $75,000 on credit.
7) 6/1/2019 Received $50,000 in cash from credit sales. Check #345.
8) 7/1/2019 Paid $10,000 in cash for office supplies. Check 1003 Supplies remaining on 12/31 in the supplies was worth $1,000.
9) 8/1/2019 Paid $15,000 in salaries expense. Memo 103.
10) 10/25/2019 Guttery withdrew $20,000 in cash for personal expenses. Check 1004.
Required -
1) Analyze Business transaction.
2) Prepare Journal Entries.
3) Post of Ledger.
4) Prepare workbook-Prepare Trial Balance, Adjusting entries, Adjusted Trial Balance, Income Statement, Balance Sheet, Prepare Post Closing Trial Balance.
5) Prepare Adjusting Entries.
6) Prepare the Income Statement for the year.
7) Prepare Owners Equity for the year.
8) Prepare Balance Sheet for the Year.
9) Prepare Closing Entries.
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