RANSACTION ENTRIES & FINANCIAL STATEMENTS Mrs. Norma J. Baker started a business for Designer Clothes for Hire*. The com

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RANSACTION ENTRIES & FINANCIAL STATEMENTS
Mrs. Norma J. Baker started a business for Designer Clothes for Hire*. The company is named N.J.E
Corp. and began operations on August 1*, 2021. Transactions during the month of August 2021 were
as follows:
Aug. 01 N.J.B Corp. issued 5,000 shares of Capital Stock to Mrs. Norma J. Baker in exchange for $10,000 cash.
Aug. 03 Bought a 3D Body Scanner for $5,500, made a $1,500 Cash Down Payment and issued a Note Payable for the remaining balance.
Aug. 06 Collected a $1,590 Account Receivable from a customer for lending a Designer Dress in August 2021.
Aug. 11 Send Invoices to customers $5,500 for Services performed in 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 on August 11"
Aug.30 Declared a $350 Dividend to be paid on August 30th.
Account Titles used by N.J.B Corp. are:
Cash
Accounts Receivable
3D Body Scanner
Notes Payable
Accounts Payable
Dividends Payable
Capital Stock
Note: Not every title might be used.
Radio-Ad Expense
Dividends
Service Revenue
Electricity Expense
Gasoline Expenses
Salaries Expense
Rent 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 Statment 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 ?
Instructions:
(a) Analyze the effects that each of these transactions will have on the following six components of
the company's financial statements for the month of August. Organize your answers in tabular form, using the column headings shown below.
Use I for Increase, D for Decrease, and NE for No Effect.
Income Statement
Balance Sheet
Revenue - Expenses = Net Income
Assets = Liabilities + Owners* Equity
(b) Prepare the Journal Entries for each transaction.
(c) Post each transaction to the appropriate Ledger account.
(d) Prepare a Trial Balance Sheet for August 2021.
(e) Prepare an Income Statement for August 2021.
(f) Prepare a Balance Sheet for August 2021
Has N.J.B Corp, made a Profit or a Loss?
What is the S-Amount?
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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 Statment 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 ?