Assignment Task:
Part A: Ajayi Art, Inc. opened for business on April 1st. Listed below are the transactions for Ajayi Art, Inc. for the month of April:
April 1 Issued common stock in exchange for $250,000 cash.
April 1 Purchased office equipment for $17,500 cash.
April 1 Borrowed $20,000 from Novus Bank and signed a 10% note. Interest and principal to be paid in 12 months.
April 5 Paid $4,000 rent in advance for the art gallery for the next two months.
April 10 Purchased art supplies from Wacky Art Co. on account for $12,200.
April 12 Received $5,300 from a customer who commissioned a piece of custom art to be completed by the end of the year.
April 15 Paid miscellaneous office expenses totaling $285 in cash.
April 17 Billed customers $3,400 for art classes provided in March.
April 19 Paid $5,300 to Wacky Art Co.
April 25 Received $2,200 from customers on account.
April 30 Recorded $3,800 in salaries for the month of April. Paychecks will be disbursed to employees on May 2nd.
Using an Excel spreadsheet, please help with the following:
1. Please help with the transactions shown above in appropriate general ledger accounts (use T-accounts). Use the following ledger accounts: Cash, Accounts Receivable, Supplies on Hand, Prepaid Rent, Office Equipment, Accumulated Depreciation, Accounts Payable, Common Stock, Service Revenue, Rent Expense, Miscellaneous Office Expense, Office Salaries Expense, Supplies Expense, Depreciation Expense, Retained Earnings, Unearned Revenue, Office Salaries Payable, Notes Payable, Interest Payable, and Interest Expense.
2. Please help with unadjusted trial balance.
3. Please help with recording depreciation using a five-year life on the office equipment, the straight-line method, and no salvage value. Round to whole numbers. Also, please help with recording an adjustment for art supplies used in the amount of $2,510 and record interest expense for the note.
4. Please help with an adjusted trial balance.
5. Please help with an income statement, a statement of retained earnings and an unclassified balance sheet.
6. Please help with the closing entries.
Part B: In a one-page memo, provide an explanation to the management team on April's financial performance.
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