Question & Answer: Finanal Statement enose "umber one shell with transactions ㈱ Compabdity blode . Enel . 12A A Σ. Ara 2 Delete . T Conditional Foma…..

Finanal Statement enose umber one shell with transactions ㈱ Compabdity blode . Enel . 12A A Σ. Ara 2 Delete . T Conditional Fomat as Cel X !Initial sale of stock 100 shares at SS per share ﹀ Item Number Date Transactions: Part I 1 2 3 1/1/2017] Initial sale of stock 100 shares at $5 per share 1/2/2017 Borrow $80,000 for operations from the bank. Terms are 7 years at an annual rate of 7% 1/5/2017 Use check number 1000 to pay rent for January $2,000 Purchase a delivery vehicle for $15.000-Finance $10.000 through bank for 3 years @ annual rate of 4 5%-use check 4 1/5/2017 1001 for the difference 5 1/8/2017 Use check number 1002 to pay for office supplies $225 6 1/15/2017 Use check number 1003 to pay for janitorial supplies $125 71/15/2017 Use check number 1004 to pay for January auto insurance $68 8 1/15/2017 Use check number 1005 to pay for postage $50 9 1/15/2017 Use check number 1006 to pay for telephone service $75 10 1/15/2017 Use visa to pay for gas for the delivery vehicle $33 11 1/15/2017 Use check number 1007 to pay for water, sewar and garbage $72 12 1/15/2017 Use check number 1008 to pay for repair to the delivery vehicle $532 13 1/15/2017 Use check number 1009 to pay for marketing consultant 1,500 14 1/15/2017 Received $5,000 in service revenue CHART OF ACCOUNTS Transactions Check Register Bank reconciliation JEs AJESTAccount Trial Balanc...
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Finanal Statement enose “umber one shell with transactions ㈱ Compabdity blode . Enel . 12A A Σ. Ara 2 Delete . T Conditional Fomat as Cel X !Initial sale of stock 100 shares at SS per share ﹀ Item Number Date Transactions: Part I 1 2 3 1/1/2017] Initial sale of stock 100 shares at $5 per share 1/2/2017 Borrow $80,000 for operations from the bank. Terms are 7 years at an annual rate of 7% 1/5/2017 Use check number 1000 to pay rent for January $2,000 Purchase a delivery vehicle for $15.000-Finance $10.000 through bank for 3 years @ annual rate of 4 5%-use check 4 1/5/2017 1001 for the difference 5 1/8/2017 Use check number 1002 to pay for office supplies $225 6 1/15/2017 Use check number 1003 to pay for janitorial supplies $125 71/15/2017 Use check number 1004 to pay for January auto insurance $68 8 1/15/2017 Use check number 1005 to pay for postage $50 9 1/15/2017 Use check number 1006 to pay for telephone service $75 10 1/15/2017 Use visa to pay for gas for the delivery vehicle $33 11 1/15/2017 Use check number 1007 to pay for water, sewar and garbage $72 12 1/15/2017 Use check number 1008 to pay for repair to the delivery vehicle $532 13 1/15/2017 Use check number 1009 to pay for marketing consultant 1,500 14 1/15/2017 Received $5,000 in service revenue CHART OF ACCOUNTS Transactions Check Register Bank reconciliation JE’s AJESTAccount Trial Balanc…

Expert Answer

 

1 Journal entries
01-01-2017 Cash 500
       Common stock 500
02-01-2017 Cash 80000
           Bank loan 80000
05-01-2017 Rent expense 2000
         Cash 2000
05-01-2017 Vehicle 15000
          Cash 5000
           Notes payable 10000
08-01-2017 Office supplies 225
          Cash 225
15-01-2017 Janitorial supplies 125
           Cash 125
15-01-2017 Insurance expense 68
            Cash 68
15-01-2017 Utility expense 50
            Cash 50
15-01-2017 Utility expense 75
            Cash 75
15-01-2017 Vehicle expense 33
            Cash 33
15-01-2017 Utility expense 72
            Cash 72
15-01-2017 Repair expense 532
            Cash 532
15-01-2017 Advertising expense 1500
            Cash 1500
15-01-2017 Cash 5000
           Service revenue 5000
2 Trial balance
Cash 75820
Office supplies 225
Janitorial supplies 125
Vehicle 15000
Bank loan 80000
Notes payable 10000
Common stock 500
Service revenue 5000
Utility expense 197
Rent expense 2000
Insurance expense 68
Vehicle expense 33
Repair expense 532
Advertising expense 1500
95500 95500
3 Income statement
Service revenue 5000
Expense
Utility expense 197
Rent expense 2000
Insurance expense 68
Vehicle expense 33
Repair expense 532
Advertising expense 1500 4330
Net income 670
4 Balance sheet
Assets
Cash 75820
Office supplies 225
Janitorial supplies 125
Vehicle 15000
Total assets 91170
Liabilities and stockholders equity
Bank loan 80000
Notes payable 10000
Common stock 500
Retained earnings 670
Total liabilities and stockholders equity 91170

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