he first project for the semester will involve the following items to turn in: 1) Journal entries for financial transactions I will provide you. 2) An adjusted trial balance. 3) An Income statement. 1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation. 2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 . 3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer. 4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 . 6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer. 7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer. 8) On December 10 of 2019 Huaning Corporation paid, in cash, a premium of $ 624 for an insurance policy for liability, theft, and fire. The policy covers the period of December 1 of 2019 to May 31 of 2020. 9) On December 11 of 2019 Huaning Corporation paid $ 47 , in cash, for a utility bill covering the period of December 1 of 2019 to December 10 of 2019. 10) On December 16 of 2019 Huaning Corporation purchases supplies on account for $ 170 . 11) On December 16 of 2019 Huaning Corporation received payment in full from the customer who was billed on December 8 of 2019. 12) On December 18 of 2019 Huaning Corporation sells product for $ 581 on account to a customer. 13) On December 19 of 2019 the company pays in full for the supplies purchased on December 6 and December 16 of 2019. 14) On December 20 of 2019 Huaning Corporation purchases supplies on account for $ 107 . 15) On December 22 of 2019 Huaning Corporation sells product for $ 336 on account to a customer. 16) On December 31 of 2019 Huaning Corporation had incurred, but will not be paid until January 3 of 2020, $ 1,012 of payroll expense. 17) A physical inventory on December 31 of 2019 revealed that $ 152 remained in the supplies inventory. 18) Do a journal entry to account for insurance expense incurred in the month of December. Date the journal entry for December 31, 2019. 19) On December 31 of 2019, just before closing for the New Year, a customer stopped by to pick up $ 378 of supplies. The billing department had already gone home for the holidays and the invoice will be sent to the customer after the New Year. 20) On December 31 of 2019 Huaning Corporation declares and pays a cash dividend of $ 158 .
The first project for the semester will involve the following items to turn in:
1) Journal entries for financial transactions I will provide you.
2) An adjusted
3) An Income statement.
1) On December 1 of 2019 Harold Hammer deposited $ 15,100 in a bank account in the name of Huaning Corporation in exchange for shares of common stock in the corporation.
2) On December 1 of 2019 Huaning Corporation purchased supplies on account for $ 226 .
3) On December 4 of 2019 Huaning Corporation received cash of $ 384 for product sold to the customer.
4) On December 5 of 2019 Huaning Corporation paid the vendor for the December 1st purchase of supplies. 5) On December 6 of 2019 Huaning Corporation purchases supplies on account for $ 469 .
6) On December 8 of 2019 Huaning Corporation sells product for $ 445 on account to a customer.
7) On December 9 of 2019 Huaning Corporation sells product for $ 462 on account to a customer.
8) On December 10 of 2019 Huaning Corporation paid, in cash, a premium of $ 624 for an insurance policy for liability, theft, and fire. The policy covers the period of December 1 of 2019 to May 31 of 2020.
9) On December 11 of 2019 Huaning Corporation paid $ 47 , in cash, for a utility bill covering the period of December 1 of 2019 to December 10 of 2019.
10) On December 16 of 2019 Huaning Corporation purchases supplies on account for $ 170 .
11) On December 16 of 2019 Huaning Corporation received payment in full from the customer who was billed on December 8 of 2019.
12) On December 18 of 2019 Huaning Corporation sells product for $ 581 on account to a customer.
13) On December 19 of 2019 the company pays in full for the supplies purchased on December 6 and December 16 of 2019.
14) On December 20 of 2019 Huaning Corporation purchases supplies on account for $ 107 .
15) On December 22 of 2019 Huaning Corporation sells product for $ 336 on account to a customer.
16) On December 31 of 2019 Huaning Corporation had incurred, but will not be paid until January 3 of 2020, $ 1,012 of payroll expense.
17) A physical inventory on December 31 of 2019 revealed that $ 152 remained in the supplies inventory.
18) Do a
19) On December 31 of 2019, just before closing for the New Year, a customer stopped by to pick up $ 378 of supplies. The billing department had already gone home for the holidays and the invoice will be sent to the customer after the New Year.
20) On December 31 of 2019 Huaning Corporation declares and pays a cash dividend of $ 158 .
Journal -it is the book of primary entry in which transactions are recorded when they occur. it is recorded on the historical cost method.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
