Question

Please complete the T-accounts, bank reconciliation(if anything needs to be added), income statement, ststement of retained earnings, balance sheeet, cash flow, closing entries, and post closing trial balance.

Journal

Debit Credit Account Names Started Corporation with $10,000.00 in exchange 10,000 shares common stock cash common stock $10,000.00 $10,000.00 2 Purchased a Computer for Cash $1,000.00 computer cash $ 1.000.00 S 1,000.00 3 Paid the Rent for three months in Advance $1500.00 prepaid rent cash $ 1,500.00 $ 1.500.00 Did Work for $500.00 Cash $ 500.00 cash revenue 500.00 Bought Supplies for $250.00 Account supplies accounts payable $ 250,00 $ 250,00 6 Paid Wages of $1,500.00 wage expense $ 1.500.00 Journal Accounts Copy of Ledger Copy of Unadjusted TB

T-accounts (not completed)

Unadjusted Trial Balance (completed)

Adjustments

Adjusted Trial Balance

Income Statement

Statement of Retained Earnings

Balance Sheet

Cash Flow

Closing Entries

Post Closing Trial Balance

Answer 1

306 307 12300 308 Bank Reconciliation Balance per the Bank Additions Deductions Balance per the Ledger Account 0 309 0 310 12300 311 312 12336.25 0 313 314 315 Balance per the General Ledger Additions Deductions Adjusted Balance -36.25 12300 316

317 Note; As no Cost of goods sold is given in the question I am taking it as zero 318 319 320 321 322 323 18500 324 325 18500 326 327 This Could Be Your Company, LLC Income Statement For the Month Ended July 31st,2020 Revenue; Less Cost of Goods sold 0 Gross Profit Expenses; Depreciation Expense 15 Interest expense 30 Marketing Expense 1500 Supplies expense 1250 Rent Expense 500 Wages Expense 1500 Total expenses Net Income 328 329 330 331 332 333 4795 13705 334 335

336 337 338 339 340 341 This Could Be Your Company, LLC Statement of Retained Earnings For the Month Ended July 31st ,2020 Retained Earnings July 1st 2020 Add Net Income 13705 Less Dividend -1000 Retained Earnings ,July 31, 2020 0 342 12705 343

344 345 346 347 348 250 1000 349 350 80 351 This Could Be Your Company, LLC Balance Sheet July 31st,2020 Assets Liabilities Cash 28550 Accounts Payable Accounts Receivable 3000 Bonds Payable Prepaid Rent 1000 Premium on Bonds Payable Supplies 500 Total Liabilities Total Current Assets 33050 Preferred Stock Computer 1000 Common Stock Less ;Accumulated Depreciation -15 APIC-common Stock Net Property Plant and Equipment 985 Treasury Stock Retained Earnings Total Stockholder's Equity Total Assets 34035 Total Liabilities & Stockholder's Equity 1330 352 10000 10000 353 354 0 355 0 356 12705 32705 357 358 34035 359 360