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John?s House Painting Company _Journal to Financial statements




Question;John?s House Painting;Company has the following transactions for the year;1.;December 1 ? Issued capital stock for $100,000 to start a house painting;business.;2.;December 1 - Paid one year insurance premium costing $4,800.;3.;December 1 - Paid gas expense $200.;4.;December 1 - Purchased equipment costing $4,800 on credit.;5.;December 12 - Purchased supplies costing $800 on credit.;6.;December 18 - Painted three houses totaling $12,000 and billed customers.;7.;December 23 - Painted three rooms and billed customers $500.;8.;December 28 - Received $2,000 for houses painted in #6.;9.;December 31 - Paid for equipment purchased in #4.;10.;December 31 - Received $1,000 for a job to paint a house in January next year.;11. December;31 - Paid a $1,000 dividend.;Required;1.;Prepare journal entries for the above transactions.;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 $400.;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 $200.;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#37274 | Written in 18-Jul-2015

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