Prepare: Journal Entry T Account (Ledger Account) 2020 Details of Transactions Jan- 01 Trulia Advice Inc acquired $415,000 from the issue of common stock. Feb-02 Collected $60,000 as an advance for consultancy services yet to be provided over one year starting May 1. Feb-25 Provided $26,460 of Consultancy Services on account. Mar-31 Paid $120,000 cash for the extension of the Office Building. Apr-15 Purchased $24,000 cash for a one-year insurance policy with coverage initiating 1st of July 20. Jun-10 Collected $18,400 from accounts receivable. Jul-25 Purchased $3,000 of Stationary for office use on the account. Aug-15 Paid $32,000 Cash for Wages to employees. Nov-10 Paid a dividend of 3% of Total Equity. Dec-01 Paid $3,000 to settle accounts payable related to stationery. Dec-20 $3,500 is recognized as Utility Bill expenses on account. Adjustments As of 31st December 2020, 1 Stationery of value $1,000 was found left in store that could be used next year. 2 Earned $40,000 of the $60,000 of revenue deferred on Feb 2. 3 Recognized $1,200 Rent revenue which is not received until 31st December 2020. 4 $8000 was found accrued of Wages. 5 Had used half of the $24,000 of insurance coverage that it had paid for on 15th April. 6 Trulia Advice Inc had the following Balances at the beginning of 1st January 2020. Cash: $15,000, Common Stock $15,000 There was no Retained Earnings opening balance.
Prepare:
T Account (Ledger Account)
|
2020 |
Details of Transactions |
|
Jan- 01 |
Trulia Advice Inc acquired $415,000 from the issue of common stock. |
|
Feb-02 |
Collected $60,000 as an advance for consultancy services yet to be provided over one year starting May 1. |
|
Feb-25 |
Provided $26,460 of Consultancy Services on account. |
|
Mar-31 |
Paid $120,000 cash for the extension of the Office Building. |
|
Apr-15 |
Purchased $24,000 cash for a one-year insurance policy with coverage initiating 1st of July 20. |
|
Jun-10 |
Collected $18,400 from |
|
Jul-25 |
Purchased $3,000 of Stationary for office use on the account. |
|
Aug-15 |
Paid $32,000 Cash for Wages to employees. |
|
Nov-10 |
Paid a dividend of 3% of Total Equity. |
|
Dec-01 |
Paid $3,000 to settle accounts payable related to stationery. |
|
Dec-20 |
$3,500 is recognized as Utility Bill expenses on account. |
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Adjustments As of 31st December 2020, |
|
|
1 |
Stationery of value $1,000 was found left in store that could be used next year. |
|
2 |
Earned $40,000 of the $60,000 of revenue deferred on Feb 2. |
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3 |
Recognized $1,200 Rent revenue which is not received until 31st December 2020. |
|
4 |
$8000 was found accrued of Wages. |
|
5 |
Had used half of the $24,000 of insurance coverage that it had paid for on 15th April. |
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6 |
Trulia Advice Inc had the following Balances at the beginning of 1st January 2020. |
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Cash: $15,000, |
|
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Common Stock $15,000 |
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There was no |
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