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Following Transactions appeared in the books of Rolo&Co. in the month of January, 2021
| Date(in the month of January | Transactions |
| 1 | Rolo Kern invested $5,200 cash and $100 worth of office equipment |
| 3 | Purchased office equipment on account, $50 |
| 5 | Bought office supplies for cash, $40 |
| 10 | Collected $2400 for services rendered. |
| 12 | Rolo paid his home electric bill from the company bank account, $20. |
| 15 | Provided $1100 worth of services to clients who will not pay until next month. |
| 17 | Paid salaries, $160 |
| 20 | Purchased machinery on account from Ling Corp., $400 |
| 22 | Paid salaries, $80 |
| 25 | Paid Ling Corp. one-half amount owed for machinery |
| 30 | Paid rent of office, $100 |
Additional information-
- Prepaid rent for 3 months amounting to $3600 paid on January 1, 2021
- Depreciation on machinery $1200 for one year
Prepare a full accounting cycle as on January 31, 2021 including-
Journal, T accounts, Trial balance, adjusted journal, adjusted T accounts and adjusted Trial balance
Also prepare Income statement, statement of changes in equity and balance sheet as on January 31, 2021
Note- There is no need to pass closing journal entries.
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