January's transactions are listed below: Jan. 2 Collected $40,000 on an open account receivable. Jan. 3 Purchased additional tract of land for $80,000 cash. Jan. 5 Provided services on account to a customer for $60,000. Jan. 7 Borrowed $48,000 on a term loan payable. Jan. 11 Paid salaries of $12,000. Jan. 12 Provided services to customers for cash, $44,000. Jan. 15 Purchased (and used) office supplies on account, $8,000. Jan. 17 The company paid shareholders a $10,000 dividend. Jan. 20 Paid rent of $6,800. Jan. 23 Paid salaries of $16,000. Jan. 24 Paid $64,000 on the open accounts payable. Jan. 29 Collected $200,000 on accounts receivable. Jan. 31 Repaid loans of $88,000. Jan. 31 Paid interest on loans of $2,400. a) Create the general ledger accounts, and enter the initial balances at the start of the month o January. This requirement is already completed on the worksheets. b) Prepare journal entries for January's transactions. c) Post January's transactions to the appropriate general ledger accounts.

January's transactions are listed below: Jan. 2 Collected $40,000 on an open account receivable. Jan. 3 Purchased additional tract of land for $80,000 cash. Jan. 5 Provided services on account to a customer for $60,000. Jan. 7 Borrowed $48,000 on a term loan payable. Jan. 11 Paid salaries of $12,000. Jan. 12 Provided services to customers for cash, $44,000. Jan. 15 Purchased (and used) office supplies on account, $8,000. Jan. 17 The company paid shareholders a $10,000 dividend. Jan. 20 Paid rent of $6,800. Jan. 23 Paid salaries of $16,000. Jan. 24 Paid $64,000 on the open accounts payable. Jan. 29 Collected $200,000 on accounts receivable. Jan. 31 Repaid loans of $88,000. Jan. 31 Paid interest on loans of $2,400. a) Create the general ledger accounts, and enter the initial balances at the start of the month o January. This requirement is already completed on the worksheets. b) Prepare journal entries for January's transactions. c) Post January's transactions to the appropriate general ledger accounts.

Name: Hagen Corporation opened the year 20X6, with the following trial bala
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Description: Hagen Corporation opened the year 20X6, with the following trial balance information:DebitsCreditsCash100,000Accounts Receivable300,000Land600,000Accounts Payable240,000Loan Payable120,000Capital Stock200,000Retained Earnings440,000DividendsRevenues

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...

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Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000
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