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Prepare journal entries for the above transactions.




ichael?s Plumbing Company has the following transactions for the year;a. December 1 ? Issued capital stock for $50,000 to start plumbing business.;b. December 1 - Paid gas expense $500.;c. December 1 - Paid one year insurance premium costing $3,600.;d. December 2 - Received $3,000 for job to install plumbing system in January next year.;e. December 8 ? Plumbing repairs for three houses totaling $15,000 and billed customers.;f. December 10 - Purchased equipment costing $8,400 on credit.;g. December 12 - Purchased supplies costing $900 on credit.;h. December 23 ? Plumbing services completed and billed to customers for $1,500.;i. December 24 - Paid for equipment purchased on December 10th.;j. December 28 - Received $2,000 for the repairs done on December 8th.;k. December 31 - Paid a $1,000 dividend.;Required;1. Prepare journal entries for the above transactions. Be sure to identify them as a through k.;2. Post the above transactions to T Accounts.;3. Prepare a Trial Balance.;4. Prepare adjusting entries in journal format and post to T Accounts.;Supplies on Hand December 31 was $500.;The Equipment is to be depreciated over 48 months starting with December.;(HINT: Record one month depreciation expense).;Wages owed but not paid on December 31 was $250.;One month of insurance has expired.;5. Prepare an Adjusted Trial Balance.;6. Prepare an Income Statement, Statement of Retained Earnings and a Balance Sheet.;7. Prepare closing entries in journal format and post to the T Accounts.;8. Prepare a Post-Closing Trial Balance.


Paper#19412 | Written in 18-Jul-2015

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