Transactions by Amna Inc. for the month of April 2021: 1. Received $98,000 cash and issued shares to the owners. 2. Paid $78,400 cash for land. 3. Bought $7,252 of office supplies on account. 4. Received $13,720 cash from customers for services performed. 5. Performed services for customers on account, $5,880. 6. Paid cash for expenses: rent, $2,156; employee salary, $2,352; utilities, $784 7. Paid $3,724 on the account payable from Transaction 3 8. Shareholder uses personal funds to remodel home, which is NOT a transaction of the business. 9. Received $1,960 of the accounts receivable from Transaction 5 10. Sold land for cash at its cost of $43,120. 11. Declared and paid a dividend of $4,116 to the shareholders. Required: a. Prepare the journal entries. b. Post to the T-accounts in the ledger c. Prepare a Trial Balance d. Prepare an income statement for the month of April and a balance sheet at April-end.
Transactions by Amna Inc. for the month of April 2021: 1. Received $98,000 cash and issued shares to the owners. 2. Paid $78,400 cash for land. 3. Bought $7,252 of office supplies on account. 4. Received $13,720 cash from customers for services performed. 5. Performed services for customers on account, $5,880. 6. Paid cash for expenses: rent, $2,156; employee salary, $2,352; utilities, $784 7. Paid $3,724 on the account payable from Transaction 3 8. Shareholder uses personal funds to remodel home, which is NOT a transaction of the business. 9. Received $1,960 of the accounts receivable from Transaction 5 10. Sold land for cash at its cost of $43,120. 11. Declared and paid a dividend of $4,116 to the shareholders. Required: a. Prepare the journal entries. b. Post to the T-accounts in the ledger c. Prepare a Trial Balance d. Prepare an income statement for the month of April and a balance sheet at April-end.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I need the last three part of the question, in proper format, please answer in text form (without image)
Transcribed Image Text:Transactions by Amna Inc. for the month of April 2021:
1. Received $98,000 cash and issued shares to the owners.
2. Paid $78,400 cash for land.
3. Bought $7,252 of office supplies on account.
4. Received $13,720 cash from customers for services performed.
5. Performed services for customers on account, $5,880.
6. Paid cash for expenses: rent, $2,156; employee salary, $2,352; utilities, $784
7. Paid $3,724 on the account payable from Transaction 3
8. Shareholder uses personal funds to remodel home, which is NOT a transaction of the business.
9. Received $1,960 of the accounts receivable from Transaction 5
10. Sold land for cash at its cost of $43,120.
11. Declared and paid a dividend of $4,116 to the shareholders.
Required:
a. Prepare the journal entries.
b. Post to the T-accounts in the ledger
c. Prepare a Trial Balance
d. Prepare an income statement for the month of April and a balance sheet at April-end.
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