financial statments

1)

Event 1: Sales of services, $132,000, of which $39,600 was on credit.

Event 2: Collected on accounts receivable, $26,500.

Event 3: Issued shares of common stock in exchange for $15,500 in cash.

Event 4: Paid salaries and wages, $48,250 (of which $9,750 was for salaries payable).

· Paid salaries and wages, $48,250 (of which $9,750 was for salaries payable).

event 5 : Paid miscellaneous expenses, $26,000.

Event 6: Purchased equipment for $18,000 in cash.

Event 7: Paid $3,200 in cash dividends to shareholders.

Event 8: Record the adjusting journal entry for accrued salaries and wages at year-end that amounted to $965.

Event 9: Record the adjusting journal entry for annual depreciation of $3,000.

Event 10: Record the entry to close the revenue accounts using the income summary

Event 11: Record the entry to close the expense accounts using the income summary.

Event 12: Record the entry to close the income summary account.

Event	General journal	Debit	Credit
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· Purchased equipment for $18,000 in cash.

· Paid salaries and wages, $48,250 (of which $9,750 was for salaries payable).

· Sales of services, $132,000, of which $39,600 was on credit.

2) Post the transactions, adjusting and closing entries into the appropriate t-accounts. (Enter the letter of the transaction in the column next to the amount.)

3) Prepare an unadjusted trial balance.

4) Prepare an income statement for 2018.

5) Prepare a balance sheet as of December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)

6) Prepare a post-closing trial balance.

· Sales of services, $132,000, of which $39,600 was on credit.

· Sales of services, $132,000, of which $39,600 was on credit.