1. Listed below are the transactions that occurred in September 2006. Prepare th

Question

1. Listed below are the transactions that occurred in September 2006. Prepare the appropriate general journal entry for each transaction. Explanation necessary when journalizing adjusting and closing entries.

             9/1 The company issued 500 shares of capital stock at $10 per share.

9/2 Jackson Corporation borrowed $10,000 from the bank signing a 3-month note at 12% annual interest.

             9/3 $3,000 supplies were purchased on account.

9/4 Office furniture was purchased for $6,000 cash. The furniture is expected to have a ten-year life, with no residual value.

             9/15 Wages for the first half of September were paid, $2,000.

            9/17 The company billed customers $15,000 for services performed.

           9/20 $3,000 was received for services to be provided in September and October.

           9/23 $5,000 cash was received for services performed in September.

           9/27 The company collected $1,000 on account.

           9/30 Declared and paid dividends, $1,000.

Using he appropriate following accounts to record the journal entries:

            Cash

Accounts Receivable

Supplies

Office Furniture

Accumulated Depreciation-Office Furniture

Notes Payable

Accounts Payable

Unearned Revenue

Wages Payable

Interest Payable

Dividends

Capital Stock

Retained Earnings

Revenue

Wages Expenses

Supplies Expense

Depreciation Expense – Office Furniture

Interest Expense

2. Post each of the journal entries to the appropriate ledger accounts. (t-accouns)

          a. When recording Adjusting Entries *write “Adjusting Entry in the Description*

          b. When recording Closing Entries: *write “Closing Entry” in the Descripion*

3. Compute the ending balance in each ledger account

4. Prepare an unadjusted trial balance.

5. Record in general journal form any adjusting entries needed at the end of September and post the entries to the ledger. Additional information available at the end of September includes:

           a. $2,000 of supplies remains on hand.

           b. Fees earned but not yet billed total $3,000.

c. By the end of September, the company had performed one-third of the services related to the 9/20 transaction.

         d. At the end of September, employees were owed $2,000.

   Hint: There are two more adjusting entries required ( 9/2 and 9/4)

6. Post each of the adjusting journal entries to the ledger accounts.

7. Compute the ending balance in each ledger account

8. Prepare an adjusted trial balance for Jackson Corporation.

9. Prepare financial statements (Income Statement, Statement of Retained Earnings, and Balance Sheet) for Jackson Corporation.

10. Prepare closing entries for Jackson Corp.

11. Post the closing entries to the ledger accounts.

12. Computing the ending balance in each ledger account.

13. Prepare an after-closing trial balance for Jackson Corporation.

Please Show all work, entries etc.

Explanation / Answer

Note : Please ask other parts separately and by providing above part also

1) Journal Entry Date Particulars Debit Credit 01-Sep Cash 5000 Capital Stock 5000 02-Sep Cash 10000 12% Note payable 10000 03-Sep Supplies 3000 Cash 3000 04-Sep Office Furniture 6000 Cash 6000 15-Sep Wages 2000 Cash 2000 17-Sep Account receivable 15000 Sales Revenue 15000 20-Sep Cash 3000 Unearned revenue 3000 23-Sep Cash 5000 Sales revenue 5000 27-Sep Cash 1000 Accounts receivable 1000 30-Sep Dividend 1000 Cash 1000 30-Sep Retained Earning 1000 Dividend 1000

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