Bikemint Ltd Financial Accounting Journal
Bikemint Ltd Financial Accounting Journal
..1 Boost Mobile 11:40 PM © 22%O Done Extra credit.docx completed Jul 1 Issued 12,000 shares of common stock for $12,000 cash. у Jul | 1 ||Purchased used truck for $8,000, paying $2,000 cash and the balance on account. y Jul 3 Purchased cleaning supplies for $900 on account. Jul 5 Paid $1,800 cash on a l-year insurance policy effective July 1. y Jul 12|Billed customers $3,700 for maintenance services performed. y Jul 18 Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning ly supplies. Jul 20||Paid $2,000 cash for employee salaries. ly Jul 21 ||Collected $1,600 cash from customers billed on July 12. Jul 25 Billed customers $2,500 for maintenance services performed. Jul 31 Paid $290 for maintenance of equipment. Jul 31||Declared and paid $600 cash dividend. Instructions a. Journalize the July transactions using appropriate account titles. b. Post to the ledger accounts. (Use T-accounts instead.) c. Prepare a trial balance at July 31. d. Journalize the following adjustments. 1. Services performed but unbilled and uncollected at July 31 were $1,700. 2. Depreciation on equipment for the month was $180. 3. One month of the insurance expired. 4. A count shows $320 of supplies on hand at July 31. 5. Employee salaries of $400 were unpaid at the end of July. e. Post adjusting entries to the T-accounts. f. Prepare an adjusted trial balance (Cash should be $5,410) g. Prepare the Income Statement and a Retained Earnings Statement for July and a Classified Balance Sheet at July 31. (Total Assets on Balance sheet should be $21,500) h. Journalize and post closing entries and complete the closing process. i. Prepare a post-closing trial balance at July 31. Il Boost Mobile 11:40 PM © 22%O Done Extra credit.docx • This extra credit assignment may be submitted using Excel or paper. • If you use paper you will have to scan your solution (not a phone picture, they are not clear enough). • Email me your file before end of day on Sunday. • The solution needs to be correct and complete to get the extra credit (use proper titles and order just like the book). Ramina started Bikemint for maintaining and repairing bicycles on July 1, 2020. During July, the following transactions were completed. Juli | Issued 12,000 shares of common stock for $12,000 cash. Jul 1 Purchased used truck for $8,000, paying $2,000 cash and the balance on account. y Jul 3 Purchased cleaning supplies for $900 on account. y Jul 5 Paid $1,800 cash on a 1-year insurance policy effective July 1. y Jul 12||Billed customers $3,700 for maintenance services performed. Jul 18|Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning ly supplies Jul 201|Paid $2,000 cash for employee salaries. Jul 21||Collected $1,600 cash from customers billed on July 12. Jul 25 Billed customers $2,500 for maintenance services performed. y Jul 31|Paid $290 for maintenance of equipment. Jul 31||Declared and paid $600 cash dividend. Instructions a. Journalize the July transactions using appropriate account titles. b. Post to the ledger accounts. (Use T-accounts instead.) c. Prepare a trial balance at July 31. d. Journalize the following adjustments. 1. Services performed but unbilled and uncollected at July 31 were $1,700. 2. Depreciation on equipment for the month was $180. 3. One month of the insurance expired. 4. A count shows $320 of supplies on hand at July 31. 5. Employee salaries of $400 were unpaid at the end of July. e. Post adjusting entries to the T-accounts.
ORDER YOUR ORIGINAL PAPER
Request for a custom paper or place a new order
THE BEST CUSTOM ESSAY WRITING SERVICE AT YOUR FINGERTIPS
Forget All Your Assignment & Essay Related Worries By Simply Filling Order Form
