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eveescobedo · May 23, 2016, 05:08 PM

1-Dec

Began business by depositing $9000 in a bank account in the name of the company in exchange for

900 shares of $10 per share common stock.

1-Dec

Paid the rent for the current month, $800 .

1-Dec

Paid the premium on a one-year insurance policy, $1200 .

1-Dec

Purchased Equipment for $3600 cash.

5-Dec

Purchased office supplies from XYZ Company on account, $300 .

15-Dec

Provided services to customers for $6600 cash.

16-Dec

Provided service to customers ABC Inc. on account, $4300 .

21-Dec

Received $2100 cash from ABC Inc., customer on account.

23-Dec

Paid $170 to XYZ company for supplies purchased on account on December 5 .

28-Dec

Paid wages for the period December 1 through December 28, $4760 .

30-Dec

Declared and paid dividend to stockholders $200 .

ma0641 · May 23, 2016, 06:23 PM

Let me guess, you want us to do all this for you. Have you read the site rules for homework?

eveescobedo · May 23, 2016, 07:30 PM

I have done the entire Accounting Cycle, but my numbers aren't similar in my income statements. I'm assuming I did something incorrect from the beginning. It would be a great help and very much appreciated if you could confirm if this is correct:

1-Dec. Cash $9,000
Common Stock $9,000
(Sold 900 shares at $10 per share)

1-Dec. Rent Expense $800
Cash $800
(Paid rent for the current month)

1-Dec. Prepaid Insurance $1,200
Cash $1,200
(Paid premium on one-year insurance policy)

1-Dec. Equipment $3,600
Cash $3,600
(Purchased equipment with cash)

5-Dec. Supplies $300
Accounts Payable $300
(Purchased supplies from XYZ Co. on account)

15-Dec. Cash $6,600
Service Revenue $6,600
(Provided service to customers for cash)

16-Dec. Accounts Receivable $4,300
Service Revenue $4,300
(Provide service to ABC Inc. on account)

21-Dec. Cash $2,100
Accounts Receivable $2,100
(Receive cash from ABC Inc. for bill)

23-Dec. Accounts Payable $170
Cash $170
(Paid cash to XYZ Co. for supplies on acc. Dec. 5)

28-Dec. Wages Expense $4,760
Cash $4,760
(Paid wages for Dec. 1-Dec. 28)

30-Dec. Dividends $200
Cash $200
(Paid dividends to stockholders)

Originally Posted by ma0641

Let me guess, you want us to do all this for you. Have you read the site rules for homework?

I'm convinced I did something wrong during the Dec. 21 and 23 transactions. Please verify if correct.

paraclete · May 23, 2016, 10:10 PM

We have no reference point please post your trial balance

eveescobedo · May 24, 2016, 06:30 AM

Originally Posted by paraclete

We have no reference point please post your trial balance

All accounts begin at zero

paraclete · May 24, 2016, 03:33 PM

We cannot tell if you have treated an entry the wrong way without knowing what the final balances are, a statement that you think you have made a mistake is unhelpfull no mistake is apparent

Gumby2016 · Oct 1, 2016, 07:12 PM

I'm working on this sam problem and I'm having issues figuring it out as well.

Unadjusted Trial Balance

Accounts
Debit Credit
Cash $9,670
Accounts Receivables $4,200
Supplies $300
Prepaid Insurance $960
Equipment $4,200
Accumulated Depreciation
Accounts Payable $130
Wages Payable $9,000
Common Stock $15,900
Retained Earnings
Dividends $200
Service Revenue
Rent Expense $1,300
Wages Expense $4,200
Insurance Expense
Supplies Expense
Depreciation Expense
Totals $24,830 $25,230

Originally Posted by paraclete

We have no reference point please post your trial balance

Unadjusted Trial Balance

Accounts
	Debit	Credit
Cash	$9,670
Accounts Receivables	$4,200
Supplies	$300
Prepaid Insurance	$960
Equipment	$4,200
Accumulated Depreciation
Accounts Payable		$130
Wages Payable		$9,000
Common Stock		$15,900
Retained Earnings
Dividends		$200
Service Revenue
Rent Expense	$1,300
Wages Expense	$4,200
Insurance Expense
Supplies Expense
Depreciation Expense
Totals	$24,830	$25,230