Question: BACKGROUND After graduating, you have decided to open your own business as a corporation. The project is a company called ABC, Inc.

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Question:

BACKGROUND

After graduating, you have decided to open your own business as a corporation. The project is a company called

ABC, Inc.

Since you have taken a financial accounting class as part of your undergraduate degree, you have decided to save the money do the accounting work. This includes understanding that all transactions are recorded properly in appropriate journals, T-Accounts and trial balances and prepare the the financial statements. To accomplish these goals, you must have a full understanding of the accounting cycle.

***IMPORTANT*** you must use the unique ID number


ID#: 2283

Part 1

The following is a list of transactions that have occurred during the month of June.

Date

Transaction

June 1

Invested cash into the company for stock (2283x 500)

June 2

Borrowed (ID x 50) + $100,000 in the form of a note payable.

June 2

Purchased land with cash for (ID x 12).

June 2

Purchased building with cash for (ID x 150).

June 3

Purchased equipment on account for (ID x 50).

June 4

Purchased a 12-month insurance policy for $24,000.

June 5

Purchased $10,000 of Inventory on account.

June 5

Generated $20,000 in revenues. This was paid in cash.

June 6

Generated $10,000 in revenues on account.

June 10

Paid $1,500 in cash for advertising.

June 15

Paid a utility bill of $2,000 in cash.

June 18

Received a $500 cash deposit for a future services.

June 22

Paid $1,800 in cash to repair an elevator.

June 28

Paid $4,000 in wages in cash.

June 30

$500 in dividends were paid in cash.

xx


Required:

1.     Make adjusting entries in good form based on the above information. Create separate adjusting journal entries from your part 1 journal entries.

2.     the adjusting journal entries into T-accounts (make sure you have a total amount for each account and that the T-accounts have Part 1 and Part 2 amounts). Remember t-accounts do not go away. Any T-account from Part 1 whether it was affected or not needs to be included.

3.     attempt an adjusted trial balance.


Required:

1.     closing journal entries to “close out” all required accounts. (Part 1 & 2 entries are not required and should not be turned in)

2.     Post the journal entries into T-accounts (make sure you have a total amount for each account). Remember t-accounts do not go away. Any T-account from Part 1 & 2 whether it was affected or not needs to be included.

3.     finish the Income Statement for June 20xx.

4.     Make a final Balance Sheet as of June 30, 20xx. This includes subtotals and totals for all categories we discussed in class.

5.     make a post-closing trial balance.

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