journal en1 prepare journal entries to record the december 2012 transactions 264017

1. Prepare journal entries to record the December 2012 transactions.

2. Post those entries to t-accounts.

3. Prepare journal entries for the required adjusting entries.

4. Post the adjusting entries to the t-accounts.

5. Calculate balances for each of the t-accounts and then prepare an adjusted trial balance as of December 31, 2012.

6. Prepare an income statement for the month ended December 31, 2012.

7. Prepare a statement of retained earnings for the month ended December 31, 2012.

8. Prepare a balance sheet as of December 31, 2012.

9. Prepare closing entries and post them to the t-accounts.

10. Prepare a post-closing trial balance as of December 31, 2012.

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Problem – Part 1 The business transactions for the comprehensive problem appear below the Chart of Accounts. Required: 1. Prepare journal entries to record the December 2012 transactions. 2. Post those entries to t-accounts. 3. Prepare journal entries for the required adjusting entries. 4. Post the adjusting entries to the t-accounts. 5. Calculate balances for each of the t-accounts and then prepare an adjusted trial balance as of December 31, 2012. 6. Prepare an income statement for the month ended December 31, 2012. 7. Prepare a statement of retained earnings for the month ended December 31, 2012. 8. Prepare a balance sheet as of December 31, 2012. 9. Prepare closing entries and post them to the t-accounts. 10. Prepare a post-closing trial balance as of December 31, 2012. Chart of Accounts: Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Accounts Payable Salaries Payable Unearned Consulting Revenue Common Stock Retained Earnings Dividends Consulting Revenue Advertising Expense Insurance Expense Rent Expense Salary Expense Supplies Expense Utility Expense Transactions: Dec 1. Murray invested $10,000 cash in exchange for all of the common stock in Murray Company. Dec 3. The company paid $3,200 cash for four months’ rent for office space. Dec 3. The company purchased $1,420 of supplies on credit from Harris Office Products, promising to pay the bill in 7 days. Dec 4. The company billed Easy Leasing $3,200 for consulting services performed in installing a web server. Easy Leasing agreed to pay the bill in 15 days. Dec 5. The company paid $2,400 cash for one year’s premium on a property and liability insurance policy effective December 1. Dec 10. The company paid $1,420 cash to Harris Office for the supplies purchased on credit on December 3. Dec 11. The company began consulting work on a project with Faulty Leasing. The work will last 15 working days, from December 11, 2012 through January 3, 2013. (Note that…

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