Create An Adjusted Trial Balance For ABC Corporation

Create An Adjusted Trial Balance For ABC Corporation

Question Description

A new corporation, ABC Corporation, was created on January 1 of the current year
The following transactions occurred during the month of January of the current year:
Date		Amount
1-Jan	The owners put money into the corporation checking account in exchange for shares of common stock	408,423
1-Jan	The corporation rented a building and paid the first six months rent	64,786
1-Jan	The corporation bought equipment and furniture on account	21,946
1-Jan	The corporation hired employees who will be paid the following for each month worked on the 10th of the following month	15,851
5-Jan	The corporation bought supplies and paid cash	81
7-Jan	The corporation bought inventory and paid cash	43,381
10-Jan	The corporation advertised in the local newspaper and paid cash	2,761
10-Jan	The corporaiton obtained one year of insurance and paid cash	2,540
11-Jan	The corporation make cash sales	162,062
14-Jan	The corporation make sales on account	96,976
29-Jan	The corporation paid some of what it owed on account	19,712
29-Jan	The corporation collected money owed to them on account	51,009
31-Jan	The corporation paid a cash dividend to the shareholders	44,998
Adjustment	Inventory remaining at the end of the month	27,027
Adjustment	Supplies remaining at the end of the month	34
Adjustment	The corporation decides to depreciate the furniture and equipment over 60 months
Required:
1. Make the journal entries required for the month of January in the space below – explanations not needed. NOTE: Use accural accounting as taught in the class (56 points)
2. Make the adjusting entries required at the end of January in the space below – explanations not needed (24 points)
3. Create an adjusted trial balance in the space below (20 points)
4. Create an income statement, statement of owners’ equity, and balance sheet in the spaces below (25, 25, and 25 points)

 

PLACE THE ORDER WITH US TODAY AND GET A PERFECT SCORE!!!