Accounting Cycle Project Jackson Corporation Jackson Corporation (the Company) p

Question

Accounting Cycle Project Jackson Corporation Jackson Corporation (the Company) prepares financial statements monthly. The Company started business in January 2018. Proceed through the following 10 items/steps, answering each completely and accordingly 1. Listed below are transactions that occurred in January 2018. Using the general journal provided, record the appropriate general journal entry for each transaction. January 1 Jackson Corporation issued 1,000 shares of capital stock for $15 per share. 2 Jackson Corporation borrowed $10,000 from the bank signing a 3-month note at 12% annual interest. 3 $3,000 of supplies were purchases on account. The furniture is expected Office furniture was purchased for $3,000 cash. to have a 5-year life, with no residual value. 4 15 Wages for the first half of January were paid in the amount of $2,000. 17 The Company billed customers $2,500 for services performed. 20 $3,000 was received for services to be provided in January and February 23 $5,000 was received for services performed in January. 27 The Company collected $1,500 on account. 30 Dividends were declared and paid in the amount of $1,000 2. Post each of the journal entries to the appropriate ledger accounts 3. Prepare an unadjusted trial balance for January 31, 2018. 4. Record in the general journal, adjusting entries needed at the end of September using the following additional information: $2,500 of supplies remain on hand. b) a) Fees earned but not yet billed total $3,000. c) By the end of January, the Company had performed 1/3 of the services related to the January 20 transaction. d) At the end of January, employees were owed $2,000 e) HINT: Adjusting entry required for activity related to the January 2d transaction. D HINT: Adjusting entry required for activity related to the January 4 transaction. 5. Post each of the adjusting entries to the appropriate ledger accounts. 6. Prepare an adjusted trial balance for January 31, 2018. 7. Prepare Jackson Corporation's financial statements for the month of January: a) Income Statement, (b) Statement of Retained Earnings, and (c) Balance Sheet 8. Record closing entries in the general journal. 9. Post closing entries to the appropriate ledger accounts 10. Prepare an after-closing trial balance for Jackson Corporation for January 31, 2018.

Explanation / Answer

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JACKSON CORPORATION General Journal for the month ending January 31, 2018 Date Acount Title Debit Credit Jan.1 Cash 15000 Capital Stock 15000 (Issue of 1,000 shares @$15 each) Jan.2 Cash 10000 Note Payable 10000 (Cash received on note payable) Jan.3 Supplies 3000 Accounts Payable 3000 (Purchase of supplies on account) Jan.4 Office Furniture 3000 Cash 3000 (Purchase of office furniture on cash) Jan.15 Wages Expense 2000 Cash 2000 (Wages paid for first half of the month) Jan.17 Accounts Receivable 2500 Revenue 2500 (Service performed on account) Jan.20 Cash 3000 Unearned Revenue 3000 (Advance received for service to be performed) Jan.23 Cash 5000 Revenue 5000 (Cash received for service performed) Jan.27 Cash 1500 Accounts Receivable 1500 (Payment collected on account) Jan.30 Dividends 1000 Cash 1000 (Cash dividends paid)

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