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 .

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

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)

Quote:

---

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.

We have no reference point please post your trial balance

Quote:

---

Originally Posted by paraclete

We have no reference point please post your trial balance

---

All accounts begin at zero

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

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

Quote:

---

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