On July 1, 2020, Matthew Victor opened a retail postal store. During July, the following transactions were completed: July 2020 1 2347 2 8 14 18 22 23 26 31 Matthew invested $30,000 cash in his business, The Mail Shop. In return, he received capital stock. Paid $700 for copy supplies Purchased office equipment for $1,000 cash. Paid $900 for July rent. Paid a premium for $360 for an insurance policy for 24 months on the office equipment, beginning July 1. Purchased $500 of copy supplies on account. Received $4,500 cash from a customer for postal fees for mailings. Completed mailings and sent out bills totaling $2,000 for postal fees. Wages earned by employees for the pay period July 5 through July 19 was $250. On this date, the wages were recorded for the July 5-19 pay period, but will not be paid to the employees until July 31. Paid creditors on account, $200 Received cash from customers on account, $800 Declared and paid cash dividends of $200. Additional information as of July 31, 2020: a) A physical counshows copy supplies on hand total $300. b) The depreciation on office equipment for the month of July is $25. Hint: There are three adjusting entries for the month of July. Required: Prepare the transaction and adjusting entries for the month of July using one of the following methods: traditional journal entry (debit/credit) method or columnar (spreadsheet) accounting equation method. Prepare an income statement and balance sheet, in proper form, for the month of July 2020. Bonus: Prepare an income statement and balance sheet for the month of July on EXCEL. You must begin by listing all accounts and their balances (or prepare an adjusted trial balance) in EXCEL.
On July 1, 2020, Matthew Victor opened a retail postal store. During July, the following transactions were completed: July 2020 1 2347 2 8 14 18 22 23 26 31 Matthew invested $30,000 cash in his business, The Mail Shop. In return, he received capital stock. Paid $700 for copy supplies Purchased office equipment for $1,000 cash. Paid $900 for July rent. Paid a premium for $360 for an insurance policy for 24 months on the office equipment, beginning July 1. Purchased $500 of copy supplies on account. Received $4,500 cash from a customer for postal fees for mailings. Completed mailings and sent out bills totaling $2,000 for postal fees. Wages earned by employees for the pay period July 5 through July 19 was $250. On this date, the wages were recorded for the July 5-19 pay period, but will not be paid to the employees until July 31. Paid creditors on account, $200 Received cash from customers on account, $800 Declared and paid cash dividends of $200. Additional information as of July 31, 2020: a) A physical counshows copy supplies on hand total $300. b) The depreciation on office equipment for the month of July is $25. Hint: There are three adjusting entries for the month of July. Required: Prepare the transaction and adjusting entries for the month of July using one of the following methods: traditional journal entry (debit/credit) method or columnar (spreadsheet) accounting equation method. Prepare an income statement and balance sheet, in proper form, for the month of July 2020. Bonus: Prepare an income statement and balance sheet for the month of July on EXCEL. You must begin by listing all accounts and their balances (or prepare an adjusted trial balance) in EXCEL.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please complete the required and bonus either way and please allow the charts to be copy and pasted to a word document for editing
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On July 1, 2020, Matthew Victor opened a retail postal store. During July, the following
transactions were completed:
July 2020
1
Matthew invested $30,000 cash in his business, The Mail Shop. In return,
he received capital stock.
Paid $700 for copy supplies
Purchased office equipment for $1,000 cash.
Paid $900 for July rent.
Paid a premium for $360 for an insurance policy for 24 months on the
office equipment, beginning July 1.
Purchased $500 of copy supplies on account.
Received $4,500 cash from a customer for postal fees for mailings.
Completed mailings and sent out bills totaling $2,000 for postal fees.
Wages earned by employees for the pay period July 5 through July 19 was
$250. On this date, the wages were recorded for the July 5-19 pay period,
but will not be paid to the employees until July 31.
Paid creditors on account, $200
Received cash from customers on account, $800
Declared and paid cash dividends of $200.
3
4
7
8
14
18
22
23
26
31
Additional information as of July 31, 2020:
a) A physical counshows copy supplies on hand total $300.
b) The depreciation on office equipment for the month of July is $25.
Hint: There are three adjusting entries for the month of July.
Required: Prepare the transaction and adjusting entries for the month of July using one
of the following methods: traditional journal entry (debit/credit) method or columnar
(spreadsheet) accounting equation method. Prepare an income statement and balance
sheet, in proper form, for the month of July 2020.
Bonus: Prepare an income statement and balance sheet for the month of July on EXCEL.
You must begin by listing all accounts and their balances (or prepare an adjusted trial
balance) in EXCEL.
tes)
E Focus
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