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A.4/1: Jim invested $100,000 in cash and $50,000 in equipment
in the company. B.4/2: The company prepaid for insurance with
$1,200 cash. C.4/3: The company paid cash for rent totaling
$1,200. D.4/5: The company completed services for a client for
cash totaling $8,000. E.4/10: The company provided a service
for $15,000 on account. F.4/11: The company purchased
equipment for $5,000 and supplies for $3,000 on account.
G.4/15: The company paid $1,500 cash for employee salaries.
H.4/24: The company paid $300 cash for utility bills. I.4/28:
The company paid dividends totaling $2,000 cash. Adjusting
entries completed on April 30 J.Insurance expired for the month
of April. K.An ending count determined that supplies totaled
$2,600. L.Wages of $3,000 were earned but not paid.
M.Services of $5,000 were earned but not billed.
N.Depreciation on the equipment is $500 per month. Using
the above data, complete the following: •Journal entries
•Posting to T-accounts •Trial balance •Adjusting entries
•Adjusting trial balance •Income statement •Statement of
retained earnings •Balance sheet and closing entries

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A.41 Jim invested $100,000 in cash and $50,000 in equipment in the

  • 1. A.4/1: Jim invested $100,000 in cash and $50,000 in equipment in the company. B.4/2: The company prepaid for insurance with $1,200 cash. C.4/3: The company paid cash for rent totaling $1,200. D.4/5: The company completed services for a client for cash totaling $8,000. E.4/10: The company provided a service for $15,000 on account. F.4/11: The company purchased equipment for $5,000 and supplies for $3,000 on account. G.4/15: The company paid $1,500 cash for employee salaries. H.4/24: The company paid $300 cash for utility bills. I.4/28: The company paid dividends totaling $2,000 cash. Adjusting entries completed on April 30 J.Insurance expired for the month of April. K.An ending count determined that supplies totaled $2,600. L.Wages of $3,000 were earned but not paid. M.Services of $5,000 were earned but not billed. N.Depreciation on the equipment is $500 per month. Using the above data, complete the following: •Journal entries •Posting to T-accounts •Trial balance •Adjusting entries •Adjusting trial balance •Income statement •Statement of retained earnings •Balance sheet and closing entries