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In: Accounting

Please prepare a full trial balance – Trial Balance, Adjustments,Adjusted Trial Balance, Income Statement, Balance...

Please prepare a full trial balance – Trial Balance, Adjustments, Adjusted Trial Balance, Income Statement, Balance Sheet, and Statement of Owner’s Equity, as well the individual Balance Sheet, Income Statement, and Statement of Owners Equity. Include any journal entries necessary for this assignment. Use T accounts if you find them helpful.

Attached are the files for your use. Check your formulas.

1. You are reporting for your client for the One Month period September 30, 2020

2. The started the month with Cash of $22,305; Equipment (5 year property) of $40,000; Accum Deprec $4,000; Accounts Payable $4,335, Capital $53,970.

3. During September they had the following transactions:

a. Sold to customers on account $55,375

b. Customers paid $12,000 on their accounts

c. Company purchased 1 year of Supplies for $12,200

d. Company has no Accts Payable at month end.

e. Company paid the annual insurance premium of $12,000

f. The owner C Mason had $5,500 of draw

g. The company incurred and paid the following expenses – Rent $3500, Repairs $105, Wages $3,000, Travel expenses $4200, Utilities $150, Miscellaneous Expenses $750.

h. The last week of payroll was unpaid at September 30. Accrue payroll and the related expenses of the company. The information is as follows:

Employees

Employee	Hourly Rate	Hours Worked	Fed Inc Tax Withheld
Mary	22.50	46	250
Jim	15.00	42	175
Hank	35.00	40	1205
Joe	12.00	62	100
Cindy	15.00	45	125

Expert Solution

Here we have transactions which are to posted using journal entries .After the closing balances for the month of september will be used to draw the trail balance at the month end.I have also drawn the cash account for better understanding of closing balance.

ekkarill92 answered 1 year ago

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