Reference no: EM131860120

Question: A. Jim invested $100,000 in cash and $50,000 in equipment in the company.

B. The company prepaid for insurance with $1,200 cash.

C. The company paid cash for rent totaling $1,200.

D. The company completed services for a client for cash totaling $8,000.

E. The company provided a service for $15,000 on account.

F. The company purchased equipment for $5,000 and supplies for $3,000 on account.

G. The company paid $1,500 cash for employee salaries.

H. The company paid $300 cash for utility bills.

I. The company paid dividends totaling $2,000 cash. Adjusting entries completed on April 30

J. Insurance expired for the month of April.

K. An ending count determined that supplies totaled $2,600.

L. Wages of $3,000 were earned but not paid.

M. Services of $5,000 were earned but not billed.

N. Depreciation on the equipment is $500 per month.

Using the above data, complete the following:

• Journal entries

• Posting to T-accounts

• Trial balance

• Adjusting entries

• Adjusting trial balance

• Income statement

• Statement of retained earnings

• Balance sheet and closing entries

Information related to above question is enclosed below:

Attachment:- IP1AccCap.rar