RANSACTION ENTRIES & FINANCIAL STATEMENTS Mrs. Norma J. Baker started a business for Designer Clothes for Hire*. The com
Posted: Sun Jul 03, 2022 1:06 pm
RANSACTION ENTRIES & FINANCIAL STATEMENTS
Mrs. Norma J. Baker started a business for Designer Clothes forHire*. The company is named N.J.ECorp. and began operations on August 1*, 2021. Transactions duringthe month of August 2021 wereas follows:
Aug. 01 N.J.B Corp. issued 5,000 shares of Capital Stockto Mrs. Norma J. Baker in exchange for $10,000 cash.
Aug. 03 Bought a 3D Body Scanner for $5,500, made a $1,500 CashDown Payment and issued a Note Payable for the remainingbalance.
Aug. 06 Collected a $1,590 Account Receivable from acustomer for lending a Designer Dress in August 2021.
Aug. 11 Send Invoices to customers $5,500 for Services performedin August.
Aug. 13 Paid $1,430 in salaries.
Aug. 18 Paid $2,200 for the office rent.
Aug.21 Bought gasoline for the truck and on account $197.
Aug.23 Received a $695 invoice from KCLR Radio for ads aired(published via Radio) in August
Aug.28 Paid $498 cash for electricity usage for the month.
Aug.29 Collected $3,000 of the amount billed to customers onAugust 11"
Aug.30 Declared a $350 Dividend to be paid on August 30th.
Account Titles used by N.J.B Corp. are:Cash
Accounts Receivable3D Body ScannerNotes PayableAccounts PayableDividends PayableCapital StockNote: Not every title might be used.Radio-Ad ExpenseDividendsService RevenueElectricity ExpenseGasoline ExpensesSalaries ExpenseRent Expense
Task (B)Prepare the Journal Entries for each transaction.
Task (C)Prepare the Ledger Entries for each transaction
Task (D)Prepare a Trial Balance Steet Statement for August 2021.
Task (E)Prepare an Income Statement for August 2021.
Task (F)Prepare a Balance Sheet Statement for August 2021.
Has N.J.B Corp made a Profit or a Loss ?what is the amount ?
Mrs. Norma J. Baker started a business for Designer Clothes forHire*. The company is named N.J.ECorp. and began operations on August 1*, 2021. Transactions duringthe month of August 2021 wereas follows:
Aug. 01 N.J.B Corp. issued 5,000 shares of Capital Stockto Mrs. Norma J. Baker in exchange for $10,000 cash.
Aug. 03 Bought a 3D Body Scanner for $5,500, made a $1,500 CashDown Payment and issued a Note Payable for the remainingbalance.
Aug. 06 Collected a $1,590 Account Receivable from acustomer for lending a Designer Dress in August 2021.
Aug. 11 Send Invoices to customers $5,500 for Services performedin August.
Aug. 13 Paid $1,430 in salaries.
Aug. 18 Paid $2,200 for the office rent.
Aug.21 Bought gasoline for the truck and on account $197.
Aug.23 Received a $695 invoice from KCLR Radio for ads aired(published via Radio) in August
Aug.28 Paid $498 cash for electricity usage for the month.
Aug.29 Collected $3,000 of the amount billed to customers onAugust 11"
Aug.30 Declared a $350 Dividend to be paid on August 30th.
Account Titles used by N.J.B Corp. are:Cash
Accounts Receivable3D Body ScannerNotes PayableAccounts PayableDividends PayableCapital StockNote: Not every title might be used.Radio-Ad ExpenseDividendsService RevenueElectricity ExpenseGasoline ExpensesSalaries ExpenseRent Expense
Task (B)Prepare the Journal Entries for each transaction.
Task (C)Prepare the Ledger Entries for each transaction
Task (D)Prepare a Trial Balance Steet Statement for August 2021.
Task (E)Prepare an Income Statement for August 2021.
Task (F)Prepare a Balance Sheet Statement for August 2021.
Has N.J.B Corp made a Profit or a Loss ?what is the amount ?