XYZ Company began operations on April 1 and completed these transactions during the month: April. 1 Invested capital for $20,000 cash. 1 Rented a furnished office and paid $1,050 cash for April’s rent. 3 Purchased office supplies for $560 on account. 5 Paid $300 cash for the month’s cleaning services. 9 Purchased a vehicle for $7,000, paid $5,000 in cash and issued a promissory note for the rest. 12 Provided consulting services for a client on credit, $1,000. 15 Purchased merchandise from ABC Co. for $2,000 in cash. 20 Received half payment for the services provided on April 12. 23 Sold merchandise to KLM Co. for $1,300 receiving a promissory note. 25 Purchased advertising for $20 in the local newspaper. The payment is due May 1. 28 Sold merchandise to PRS Co. for $500 by receiving a promissory note. 29 Paid $160 cash for the month’s utilities and $500 cash wages for the month. 30 One of the partners withdrew $100 cash. 31 Cost of goods on hand as of the end of the month $1,200. 1. Journalize and post the transactions. 2. Journalize and post the adjusting entry using PERIODIC INVENTORY Method. 3. Prepare an Adjusted Trial Balance.
XYZ Company began operations on April 1 and completed these transactions during the month:
April. 1 Invested capital for $20,000 cash.
1 Rented a furnished office and paid $1,050 cash for April’s rent.
3 Purchased office supplies for $560 on account.
5 Paid $300 cash for the month’s cleaning services.
9 Purchased a vehicle for $7,000, paid $5,000 in cash and issued a promissory note for the rest.
12 Provided consulting services for a client on credit, $1,000.
15 Purchased merchandise from ABC Co. for $2,000 in cash.
20 Received half payment for the services provided on April 12.
23 Sold merchandise to KLM Co. for $1,300 receiving a promissory note.
25 Purchased advertising for $20 in the local newspaper. The payment is due May 1.
28 Sold merchandise to PRS Co. for $500 by receiving a promissory note.
29 Paid $160 cash for the month’s utilities and $500 cash wages for the month.
30 One of the partners withdrew $100 cash.
31 Cost of goods on hand as of the end of the month $1,200.
1. Journalize and post the transactions.
2. Journalize and
3. Prepare an Adjusted
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