Question

Prepare Journal Entries for January Activities
Prepare Unadjusted Trial Balance
Prepare Adjusting Entries
Prepare Unadjusted Trial Balance
Prepare Balance Sheet
Prepare Income Statement
Preare Statement of Cash Flows
Prepare Statement of Stockholders Equity
Prepare Analysis of Results

The Wholesale Company began operations on January 1, 2019.
During the month of January 2019, the following transactions occurred:
Owners invest $50,000 cash in the corporation in exchange for 5,000 shares of common stock.
Equipment is purchased for $20,000 cash.
On the first day of January, $6,000 rent on a building is paid for the months of January and February.
Merchandise inventory costing $48,000 is purchased on account. The company uses the perpetual inventory system.
$30,000 is borrowed from a local bank, and a note payable is signed.
Credit sales for the month are $44,000. The cost of merchandise sold is $22,000.
$15,000 is collected on account from customers.
$20,000 is paid on account to suppliers of merchandise.
Salaries of $7,000 are paid to employees for January.
A bill for $2,000 is received from the local utility company for the month of January.
$20,000 cash is loaned to another company, evidenced by a note receivable.
The corporation pays its shareholders a cash dividend of $1,000.

Answer 1