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ACC - Prepare journal entries




Question;Instructions: Use the following transactions listed below to prepare the following:a) Prepare journal entries for each of the following transactionsb) Post to general ledgerc) Prepare preliminary (initial) trial balanced) Prepare any adjusting journal entriese) Prepared adjusted trial balancef) Prepare an income statement, statement of retained earnings and balance sheet in good formg) Prepare closing entriesh) Prepare post-closing trial balanceTransactions for SoHo Company for the month of April 20121 April 1st - Investment by owners $200,0002 April 2nd - Company purchased supplies on account for $10,0003 April 5th - Purchased equipment for cash $30,0004 April 6th - Provided servics for cash $20,0005 April 10th - Paid $5,000 for salaries and wages6 April 11th - Purchased office equipment for $8,000 and financed the purchase signing a 5% note.7 April 15th - Purchased land for cash to be used in the business for $25,0008 April 16th - Purchased a delivery van for $18,000 cash9 April 18th - Provided services on account $100,00010 April 20th - Paid for 12 -month insurance policy in advance $3,60011 April 20th - To record monies received in advance for services to be rendered $15,00012 April 21st - Purchased a building for $250,000 to be used in the business signing a 30 year fixed-rate mortgage13 April 30th - Recorded interest payable of $4,000 (adjusting entry)14 April 30th - Recorded adjusting entry for $4,000 depreciation on building (adjusting entry)15 April 30th - Recorded the expiration of one-month's insurance that was prepaid in transaction 1 above


Paper#41896 | Written in 18-Jul-2015

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