Description of this paper

Instructions: Use the following transactions

Description

solution


Question

Instructions: Use the following transactions listed below to prepare the following;a) Prepare journal entries for each of the following transactions;b) Post to general ledger;c) Prepare preliminary (initial) trial balance;d) Prepare any adjusting journal entries;e) Prepared adjusted trial balance;f) Prepare an income statement, statement of retained earnings and balance sheet in good form;g) Prepare closing entries;h) Prepare post-closing trial balance;Transactions for SoHo Company for the month of April 2012;1 April 1st - Investment by owners $200,000;2 April 2nd - Company purchased supplies on account for $10,000;3 April 5th - Purchased equipment for cash $30,000;4 April 6th - Provided servics for cash $20,000;5 April 10th - Paid $5,000 for salaries and wages;6 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 $25,000;8 April 16th - Purchased a delivery van for $18,000 cash;9 April 18th - Provided services on account $100,000;10 April 20th - Paid for 12 -month insurance policy in advance $3,600;11 April 20th - To record monies received in advance for services to be rendered $15,000;12 April 21st - Purchased a building for $250,000 to be used in the business signing a 30 year fixed-rate mortgage;13 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#79461 | Written in 18-Jul-2015

Price : $27
SiteLock