Prepare T account, trial balance and balance sheet for the following Jan-1 The JW-Corp Received $120,000...

Prepare T account, trial balance and balance sheet for the following

Jan-1 The JW-Corp Received $120,000 from Investors in Exchange for 6,000 shares of Common Stock.
Jan-2 JW-Corp Borrowed $150,000 from SCHWAB BANK and signed a Note Due in 24 months.
Jan-3 JW Corp purchased Office Equipment worth $120,000 (5 year life), with a $40,000 Down payment of Cash and the remainder Due on account to Target-Corp within 9 Months.
Jan-4 JW Corp purchased an Office Building for $420,000 (25 year life), by making a Down payment of $60,000 and then signed a Note for the remainder Due in 18 Months to CHASE Bank.
Jan-5 JW Corp paid $15,000 with a check for Office Rent for the next 3 months.
Jan-10 JW Corp paid $4,000 with a check for Business Insurance for this month.
Jan-11 JW Corp provided CPA Services to the Gavilan Corp worth $138,000 and Collected $58,000 Cash and Billed them the remainder on Account.
Jan-15 JW-Corp received This Month’s Utility Bill from PGE for $2,000 to be paid Later.
Jan-16 JW-Corp received This Month’s Telephone Bill from Skype for $800 to be paid Later.
Jan-17 JW-Corp received a $10,000 check from Gavilan Corp on Account.
Jan-20 JW-Corp received a BILL for $12,000 for Legal Fees used this month to be Paid Later.
Jan-23 JW-Corp paid $11,000 with Checks for this Months Salaries expenses.
Jan-24 JW-Corp Received a $13,000 check from Gavilan Corp on Account.
Jan-25 JW-Corp received a $27,000 check from Garlic-Corp for Services to be Provided Later.
Jan-26 JW-Corp Paid Target $33,000 with a Check towards the Equipment from Transaction #3.
Jan-27 JW Corp Wrote a Check to Skype for the Full Amount Due on account for the Telephone Bill from #9.
Jan-28 JW Corp Paid $4.20 Cents per Share to the Owners of the Business with Checks.
Jan-29 JW-Corp paid $9,000 with a Check on the Note Payable from Transaction #2, $2,800 was for Interest Expense, and the remainder reduced the Note Payable.
Jan-31 JW-Corp recorded one Month of RENT Expense from the Prepaid Account.
Jan-31 JW-Corp recorded one Month of Depreciation Expense on The Office Equipment Using the Straight Line Depreciation Method.
Jan-31 The JW Corp recorded one Month of Depreciation Expense on the Office Building using the Straight Line Depreciation Method.
Jan-31 the JW-Corp Recorded the Income Tax Payable for the Month, which is 40% of Net Income

Expert Solution

ekkarill92 answered 2 years ago

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