Journal Entries

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https://resources.careered.com/LCMSFileSharePreview/Resources/MSExcelWorkbook/ACCT460_Week%201_IP_Template.xlsx

Accounting Data 

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 entries