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Category > Accounting Posted 21 Sep 2017 My Price 10.00

Neveranerror Inc.

Journal Entries, Trial Balance, and Financial Statements

Neveranerror Inc. was organized on June 2, 2008, by a group of accountants to provide accounting

and tax services to small businesses. The following transactions occurred during the first

month of business:

June 2: Received contributions of $10,000 from each of the three owners of the business in

exchange for shares of stock.

June 5: Purchased a computer system for $12,000. The agreement with the vendor

requires a down payment of $2,500 with the balance due in 60 days.

June 8: Signed a two-year promissory note at the bank and received cash of $20,000.

June 15: Billed $12,350 to clients for the first half of June. Clients are billed twice a month for

services performed during the month, and the bills are payable within ten days.

June 17: Paid a $900 bill from the local newspaper for advertising for the month of June.

June 23: Received the amounts billed to clients for services performed during the first half of

the month.

June 28: Received and paid gas, electric, and water bills. The total amount is $2,700.

June 29: Received the landlord’s bill for $2,200 for rent on the office space that Neveranerror

leases. The bill is payable by the 10th of the following month.

June 30: Paid salaries and wages for June. The total amount is $5,670.

June 30: Billed $18,400 to clients for the second half of June.

June 30: Declared and paid dividends in the amount of $6,000.

Required

1. Prepare journal entries on the books of Neveranerror Inc. to record the transactions entered

into during the month. Ignore depreciation expense and interest expense.

2. Prepare a trial balance at June 30, 2008.

3. Prepare the following financial statements:

a. Income statement for the month ended June 30, 2008

b. Statement of retained earnings for the month ended June 30, 2008

c. Classified balance sheet at June 30, 2008

4. Assume that you have just graduated from college and have been approached to join this company

as an accountant. From your reading of the financial statements for the first month,

would you consider joining the company? Explain your answer. Limit your answer to financial

considerations only

 

Answers

Maurice Tutor
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Status NEW Posted 21 Sep 2017 08:09 PM My Price 10.00

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