indera
Dec 11, 2008, 12:53 PM
Kate Sue is the owner of Frame Inc. See entries for the month of December 31, 2008
Dec 1 Laura invested $2000 in her business bank account
3 Paid $300 for two months rent in advance for an office
5 Received $860 for sales for which only 795 is earned
9 Purchase framing supplies for $200 in cash
12 Purchase $400 of equipment on credit, making a 25% down payment
18 Made partial payment of $50 on equipment purchase on May 12
27 Paid a utility of $40
28 Received drawings of $100
Adjusting entries:
1. After inventory count, it was revealed that framing supplies was $50
2. One month rent had expired
3. The depreciation for the month is estimated to be $12
a. Do T-accounts
b. Prepare trial balance
c. Prepare adjusting entries and prepare adjusted trial balance
d. Prepare Income statement, owners equity Statement, Cash Flow Statement and balance Sheet
Dec 1 Laura invested $2000 in her business bank account
3 Paid $300 for two months rent in advance for an office
5 Received $860 for sales for which only 795 is earned
9 Purchase framing supplies for $200 in cash
12 Purchase $400 of equipment on credit, making a 25% down payment
18 Made partial payment of $50 on equipment purchase on May 12
27 Paid a utility of $40
28 Received drawings of $100
Adjusting entries:
1. After inventory count, it was revealed that framing supplies was $50
2. One month rent had expired
3. The depreciation for the month is estimated to be $12
a. Do T-accounts
b. Prepare trial balance
c. Prepare adjusting entries and prepare adjusted trial balance
d. Prepare Income statement, owners equity Statement, Cash Flow Statement and balance Sheet