ABC Inc. established its operation at January 1st, 2014. A) Enter all necessery Journal Entries that occured during the year. B) Then prepare the adjusting entries, closing entries, financials, worksheet & T accounts. 1) In January, Initial stock issuance: 2) Bought Equipment for $ 28000, 10 years life, $8000 residual value 3) November, paid total utility bills: 4) In January, paid in advance rent for the two years: 5) In February, received prepayment from a customer for service to be provided: 6) Dec. 31st 2014, unearned revenue balance 7) In December, Dividend declared: $280,000 $28,000 $8,000 $4,500 $18,000 $97,000 $2,000 $16,000
ABC Inc. established its operation at January 1st, 2014. A) Enter all necessery Journal Entries that occured during the year. B) Then prepare the adjusting entries, closing entries, financials, worksheet & T accounts. 1) In January, Initial stock issuance: 2) Bought Equipment for $ 28000, 10 years life, $8000 residual value 3) November, paid total utility bills: 4) In January, paid in advance rent for the two years: 5) In February, received prepayment from a customer for service to be provided: 6) Dec. 31st 2014, unearned revenue balance 7) In December, Dividend declared: $280,000 $28,000 $8,000 $4,500 $18,000 $97,000 $2,000 $16,000
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter12: Financial Statements, Closing Entries, And Reversing Entries
Section: Chapter Questions
Problem 4PB: The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal...
Related questions
Question
1) What is the Total Current Asset in the Balance Sheet at the year-end?
a) 335,500
b) 361,500
c) 326,500
d) None of the above
2) What is the Total Current Liability in the Balance
Sheet at the year-end?
a) 2,000
b) 16,000
c) 18,000
d) 26,000
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