The general ledger of Black Cloud Cleaners at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals Debits $ 18,500 7,700 Credits 3,700 13,500 $ 4,400 6,400 23,500 9,100 $ 43,400 $ 43,400 Check my work The following is a summary of the transactions for the year: 1. March 12 2. May 2 3. June 30 4. August 1 5. September 25 6. October 19 7. December 30 Provide services to customers, $57,000, of which $20,700 is on account. Collect on accounts receivable, $17,700. Issue shares of common stock in exchange for $6,000 cash. Pay salaries of $6,400 from 2023 (prior year). Pay repairs and maintenance expenses, $12,700. Purchase equipment for $7,700 cash. Pay $1,100 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued salaries at year-end amounted to $19,600. Depreciation for the year on the equipment is $4,700. Office supplies remaining on hand at the end of the year equal $1,200. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet < Prev 1 of 1 Next AVAVA Check my work The following information is available for the adjusting entries. Accrued salaries at year-end amounted to $19,600. Depreciation for the year on the equipment is $4,700. Office supplies remaining on hand at the end of the year equal $1,200. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 7). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 8 to 10). 3. Review the adjusted 'Trial Balance' as of December 31, 2024. 4. Prepare an income statement for the period ended December 31, 2024, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2024 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 11 to 13). < Requirement General Journal >

The general ledger of Black Cloud Cleaners at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals Debits $ 18,500 7,700 Credits 3,700 13,500 $ 4,400 6,400 23,500 9,100 $ 43,400 $ 43,400 Check my work The following is a summary of the transactions for the year: 1. March 12 2. May 2 3. June 30 4. August 1 5. September 25 6. October 19 7. December 30 Provide services to customers, $57,000, of which $20,700 is on account. Collect on accounts receivable, $17,700. Issue shares of common stock in exchange for $6,000 cash. Pay salaries of $6,400 from 2023 (prior year). Pay repairs and maintenance expenses, $12,700. Purchase equipment for $7,700 cash. Pay $1,100 cash dividends to stockholders. The following information is available for the adjusting entries. Accrued salaries at year-end amounted to $19,600. Depreciation for the year on the equipment is $4,700. Office supplies remaining on hand at the end of the year equal $1,200. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet < Prev 1 of 1 Next AVAVA Check my work The following information is available for the adjusting entries. Accrued salaries at year-end amounted to $19,600. Depreciation for the year on the equipment is $4,700. Office supplies remaining on hand at the end of the year equal $1,200. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 7). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 8 to 10). 3. Review the adjusted 'Trial Balance' as of December 31, 2024. 4. Prepare an income statement for the period ended December 31, 2024, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of December 31, 2024 in the 'Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 11 to 13). < Requirement General Journal >

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13GI

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