60.1K

Verified Solution

Link Copied!

Prepare the Journal entries, T ACCOUNTS, and Trial Balance

$5-31-11$ ABC Company bought a tractor for $$20,000.$ They paid for half of it in cash and are financing the rest.

$5-31-11$ Joe Smith, owner contributed $$200,000$ to ABC Company.

$6-30-11$ ABC Company paid an electric bill for $$600$ and Salaries of $$1,000$

$07-05-11$ ABC Company received a payment of $$25,000\frac{f}{?}$ work they will do later

$08-31-11$ ABC Company performed landscaping services in the amount of $$90,000$ but was only paid half. The rest will be paid

next year.

$09$:$10\mathrm{.}11$ ABC Company paid rent for September $2011,$ October $2011,$ November $2011$ and December of $2011$ in the amount of

$$1,000$ per month.

$09-15-11$ ABC Company made a payment of $$1,000$ on the tractor they purchased on $5-31-11$

$10-11-11$ ABC Company did half of the work they were paid for on $7-05-11$

$11-1-11$ ABC Company received a payment of $$20,000$ for work they did on $8-31-11$ABC Company bought a Crane on $7-1-18$ for $$160,000.$ The Crane has a residual value of

$$40,000$ and a useful life of $3$ years. What is the journal entry for $7-1-18$ and the

adjusting entry on $12-31-18?$ ABC made a $$40,000$ down payment on the Crane when it

was purchased. Thex are financing the rest.

ABC Company had a beginning inventory of office supplies of $$25,000$ on $1-1-18.$ They

purchased another $$80,000$ in office supplies during $2018.$ As of $12-31-18,$ ABC Company

has a $$40,000$ balance in office supplies. What is the adjusting entry on $12-31-18?$

ABC Company pays rent for July $2017$ to March $2018$ on July ${15}^{th},2017.$ What is the

journal entry on $7-15-17$ and the adjusting entry on $12-31-17?$ Rent is $$1,000$ per month.

I

ABC receives a payment of $$20,000$ on August ${15}^{th}$ for work they will do later. As of

December ${31}^{st},$ABC has performed $25\%$ of the work. What is the journal entry and the

adjusting entry on $12-31-17?$

Answer & Explanation Solved by verified expert

See Answer