On October 19, Fiana Beyrut founded the Nastga Shop. The following actions completed during the month. 1-Sofia invested $ 30,000 in cash into the business in exchange for common shares. 2-Purchased whole shop equipment for $ 8000 cash 3- $ 6000 cash paid shop rent 4-Invoices representing $1,200 of services performed during the month have not been recorded as of October 19 5-Sold for $ 25,000 6-Utility expenses of $225 are unpaid 7-$ 6200 employees paid 8-Online sales for $ 3,000: $ 1500 cash has been received from the customer via the cash-on-delivery system and a balance of $1500 is billed to the customers' account. 9-$ 1500 paid for refunds 10-Incurred $150 of shipping costs in online sales, on account. 11-Paid the shipment amount due in transaction (10). 12-$ 15000 in cash was received from customers previously invoiced in transaction (8). 13. Unearned service revenue earned in October totals $600. a)H ournalize transactions in the period. b) Post the transaction to the general ledger c) Prepare the trial balance. d) Prepare the adjusting entries for the period e) Post the adjusting entries to the ledger accounts. f) Prepare an adjusted trial balance at October 19 e) Prepare the income statement and balance sheet of the company.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On October 19, Fiana Beyrut founded the Nastga Shop. The following actions completed during the month. 1-Sofia invested $ 30,000 in cash into the business in exchange for common shares. 2-Purchased whole shop equipment for $ 8000 cash 3- $ 6000 cash paid shop rent 4-Invoices representing $1,200 of services performed during the month have not been recorded as of October 19 5-Sold for $ 25,000 6-Utility expenses of $225 are unpaid 7-$ 6200 employees paid 8-Online sales for $ 3,000: $ 1500 cash has been received from the customer via the cash-on-delivery system and a balance of $1500 is billed to the customers' account. 9-$ 1500 paid for refunds 10-Incurred $150 of shipping costs in online sales, on account. 11-Paid the shipment amount due in transaction (10). 12-$ 15000 in cash was received from customers previously invoiced in transaction (8). 13. Unearned service revenue earned in October totals $600. a)H ournalize transactions in the period. b) Post the transaction to the general ledger c) Prepare the trial balance. d) Prepare the adjusting entries for the period e) Post the adjusting entries to the ledger accounts. f) Prepare an adjusted trial balance at October 19 e) Prepare the income statement and balance sheet of the company.

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