1. Acquired $40,000 cash from the issue of common stock.
2. Paid $12,500 cash in advance for rent. The payment was for the period April 1, 2016, to March 31, 2017.
3.
Performed services for customers on account for $82,000.
4. Incurred operating expenses on account of $37,500.
5. Collected $63,000 cash from accounts receivable.
6. Paid $26,000 cash for salary expense.
7. Paid $30,000 cash as a partial payment on accounts payable.
Adjusting Entries
8. Made the adjusting entry for the expired rent. (See Event 2.)
9. Recorded $3,400 of accrued salaries at the end of 2016.
Events for 2017
1. Paid $3,400 cash for the salaries accrued at the end of the prior accounting period.
2. Performed services for cash of $31,000.
3. Purchased $3,300 of supplies on account.
4. Paid $12,000 cash in advance for rent. The payment was for one year beginning April 1, 2017.
5. Performed services for customers on account for $98,000.
6. Incurred operating expenses on account of $46,500.
7. Collected $94,000 cash from accounts receivable.
8. Paid $44,000 cash as a partial payment on accounts payable.
9. Paid $32,000 cash for salary expense.
10. Paid a $14,000 cash dividend to stockholders.
Adjusting Entries
11. Made the adjusting entry for the expired rent. (Hint: Part of the rent was paid in 2016.)
12. Recorded supplies expense. A physical count showed that $700 of supplies were still on hand.
Required
| a. |
Record the events and adjusting entries for 2016 in general journal form.
|
b. Post the 2016 events to T-accounts.
c. Prepare a trial balance for 2016.
d-1. Prepare an income statement for 2016.
d-2. Prepare a statement of changes in stockholders’ equity for 2016.
d-3. Prepare a balance sheet for 2016.
d-4. Prepare a statement of cash flows for 2016.
f. Prepare a post-closing trial balance for December 31, 2016.
g. Repeat parts a through f for 2017.
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