CourseLover

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About CourseLover

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Architecture and Design,Art & Design,Biology,Business & Finance,Calculus,Chemistry,Engineering,Health & Medical,HR Management,Law,Marketing,Math,Physics,Psychology,Programming,Science Hide all
Teaching Since: May 2017
Last Sign in: 286 Weeks Ago, 6 Days Ago
Questions Answered: 27237
Tutorials Posted: 27372

Education

  • MCS,MBA(IT), Pursuing PHD
    Devry University
    Sep-2004 - Aug-2010

Experience

  • Assistant Financial Analyst
    NatSteel Holdings Pte Ltd
    Aug-2007 - Jul-2017

Category > Accounting Posted 09 Dec 2017 My Price 10.00

ACCOUNTING MID TERM

I'm so lost in this class! I have no idea how to do this!

ACCOUNTING MID TERM John’s House Painting Company has the following transactions for the year 1. December 1 – Issued capital stock for $100,000 to start a house painting business. 2. December 1 - Paid gas expense $500. 3. December 1 - Paid one year insurance premium costing $3,600. 4. December 1 - Received $3,000 for a job to paint a house in January next year. 5. December 1 - Painted three houses totaling $15,000 and billed customers. 6. December 1 - Purchased equipment costing $8,400 on credit. 7. December 12 - Purchased supplies costing $900 on credit. 8. December 23 - Painted three rooms and billed customers $1,500. 9. December 31 - Paid for equipment purchased in #6. 10. December 28 - Received $2,000 for houses painted in #5. 11. December 31 - Paid a $2,000 dividend. Required: 1. Prepare journal entries for the above transactions. 2. Post the above transactions to T Accounts. 3. Prepare a Trial Balance. 4. Prepare adjusting entries in journal format and post to T Accounts. Supplies on Hand December 31 was $400. The Equipment is to be depreciated over 48 months starting with December. (HINT; Record one month depreciation expense). Wages owed but not paid on December 31 was $200. One month of insurance has expired. 5. Prepare an Adjusted Trial Balance. 6. Prepare an Income Statement, Statement of Retained Earnings and a Balance Sheet. 7. Prepare closing entries in journal format and post to the T Accounts. 8. Prepare a Post-Closing Trial Balance.
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Answers

CourseLover
(12)
Status NEW Posted 09 Dec 2017 10:12 AM My Price 10.00

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