Question 1117 start a corporation by investing xx in, Ask an Expert

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Question: 1/1/17 Start a corporation by investing XX in cash

1/1/17 Also invest YY in computers

1/2/17 Purchase AA in inventory

1/3/17 Buy a building for ZZ

1/17/17 Make a cash sale of inventory for BB. Cost of inventory was CC.

1/21/17 Make a credit sale of FF. Cost of inventory was GG.

1/25/17 Pay employees HH

1/27/17 Purchase inventory on credit for JJ.

1/31/17 Record accrued salary expense of KK.

1/31/17 Record depreciation expense of LL

Required: 1. Write journal entries (JEs) for "day to day" transactions.

2. Post JEs to t-accts

3. Write adjusting JEs

4. Post adjusting JEs

5. Write closing JEs

6. Prepare Balance Sheet and Income Statement. Consider how the Statement of Cash Flows would be prepared.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92574715

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