Question: A. Jim invested $100,000 in cash and $50,000 in equipment in the company.
B. The company prepaid for insurance with $1,200 cash.
C. The company paid cash for rent totaling $1,200.
D. The company completed services for a client for cash totaling $8,000.
E. The company provided a service for $15,000 on account.
F. The company purchased equipment for $5,000 and supplies for $3,000 on account.
G. The company paid $1,500 cash for employee salaries.
H. The company paid $300 cash for utility bills.
I. The company paid dividends totaling $2,000 cash. Adjusting entries completed on April 30
J. Insurance expired for the month of April.
K. An ending count determined that supplies totaled $2,600.
L. Wages of $3,000 were earned but not paid.
M. Services of $5,000 were earned but not billed.
N. Depreciation on the equipment is $500 per month.
Using the above data, complete the following:
• Journal entries
• Posting to T-accounts
• Trial balance
• Adjusting entries
• Adjusting trial balance
• Income statement
• Statement of retained earnings
• Balance sheet and closing entries
Information related to above question is enclosed below:
Attachment:- IP1AccCap.rar