a. On January 1, 2014, Tom Davis paid $24,000 for 240 shares, and Jenny Coleman paid $12,000 for 120 shares of Repro Company, Inc., common stock.
b. Sales made to customers amounted to $94,673; $9,030 of these sales were made at the end of December 2014 and were not collected until January of 2015.
c. Wages and salaries paid to employees for work performed through December 27, 2014 amounted to $40,500. Wages and salaries of $850 for the last three days of 2014 were paid on January 6, 2015.
d. Rent paid for the office was $4,550
e. Repro purchased $9,635 on paper during the year. It still owed for $850 of this paper on December 31 2014. An inventory of paper on December 31, 2014, indicated there was still $2,800 of paper on hand.
f. Rental of the duplicating machines for 2014 was $32,678. Of this amount, $2720 was unpaid on December 31, 2014.
g. Miscellaneous expenses incurred and paid for the year were $982.
h. Corporation income taxes for 2014, which will be paid in 2015, amounted to $1,250.
1. Prepare general journal entries for each of the transactions.
2. Post the journal entries to into t-accounts
3. Prepare an income statement for Jan 1, 2014, to Dec 31, 2014.
Prepare a balance sheet as of December 31, 2014.