Accounting

Accounting

A.4/1: Jim invested $100,000 in cash and $50,000 in equipment in the company.  B.4/2: The company prepaid for insurance with $1,200 cash.  C.4/3: The company paid cash for rent totaling $1,200.  D.4/5: The company completed services for a client for cash totaling $8,000.  E.4/10: The company provided a service for $15,000 on account.  F.4/11: The company purchased equipment for $5,000 and supplies for $3,000 on account.  G.4/15: The company paid $1,500 cash for employee salaries.  H.4/24: The company paid $300 cash for utility bills.  I.4/28: The company paid dividends totaling $2,000 cash.   Adjusting entries completed on April 30 J.Insurance expired for the month of April.  K.An ending count determined that supplies totaled $2,600.  L.Wages of $3,000 were earned but not paid.  M.Services of $5,000 were earned but not billed.  N.Depreciation on the equipment is $500 per month.   Using the above data, complete the following: •Journal entries  •Posting to T-accounts  •Trial balance  •Adjusting entries  •Adjusting trial balance  •Income statement  •Statement of retained earnings  •Balance sheet and closing

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