Thursday
April 24, 2014

Homework Help: college accouting REALLY IMPORTANT PLEASE HELP =/

Posted by Bel on Wednesday, October 7, 2009 at 11:03am.

On Jan 1, 2009 the following activitis occurred:

a) ICDI, a consulting services company, was orgainized and issed 10,000 shares of capita stock in exchange for $500,000 cash.
b)UCDI entered into an agreement with a landlord and paid $60,000 or 6 months rent in advance.
c) the company also purchased computer equiptment and furniture for $102,000 paying $32,000 cash and signing a 10% note due in 2 installments for the remaining balance - half due on Dec 31, 2009 and remainder on Dec31, 2010. intrest is payable quarterly commencing on March 31, 2009. The equiptment and furniture was determined to have a estimated useful life of 5 years.
d)UCDI hired a receptionis and a clerk with a combined salary of $1,500 per week for a 5 day work week. Salaries are paid on every friday and there are 4 fridays in January. January 31 nds on a wednesday.
e) the company also purchased supplies on account for a total of $18,000 from WGWUN Corp.

throughout th remainder of the month,the following event occurred:
f) UCDI entered into a contact with IKYCDI Corp t provide consulting serices over a 3 month period. IKYC paid $90,000 in advance to ensure UCDI's top talent was providing consulting service o ATW Corp during the month ofJan and billed ATW $10,000 on Jan 29.
On Jan 30, UCDI paid WGQYN Corp for the supples previousl yprovided.

at the end of the month, the following occurred:
i) management determined that $30,000 of consulting serviced ha been providedto IKYCDI and provided them with a statement summarizing the services provided.
j) UCDI determinded that there was $12,000 of supplies remaining on hand.
k) UCI paid a dividend to its stockholders of $25,000.

A- Prepare (i) the adjusting and closing journal enteries for the month-end January. Identify which journal enteries would be included in the Adjusted Trail Balance and the After-closing Trail Blance by playing A, or C,by each journal entry.

B- prepare the general ledger accounts (using T accounts) for all activity from Jan 1 to Jan 31, and the Adjusted Trial Balance. Use the letters indicated by each event above to distinguish entries in the T-accounts. Note: certain letters may have more than 1 event that needs to be recorded, add additional reference letters to distinguish one transaction recorded from another and provide a breif footnote explaination for each letter added.

C- prepare the balance sheet, income statement and statement of retained earnings as of January 31, 2009 and for the 1 month then ended.


Note : you are only being asked to journalize the adjusting and closing entries. while orginating enter do not need to be journalized, those events do need to be recorded in your general ledger

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Accounting - On Jan 1, 2009 the following activitis occurred: a) ICDI, a ...
Financial Accounting - Incentive Corporation was organized in 2009 to operate a ...
Accounting - Please prepare the following journal entries. Indicate which ...
Intermediate Accounting - Information relating to the capital structure of Parke...
accounting - Lone Star Theatre Inc. owns and operates movie theaters throughout ...
accounting - The following transactions occurred during March 2009 for the ...
accounting - Jones Company is authorized to issue 20,000 shares of no-par, $5 ...
accounting - Finishing Touches has two classes of stock authorized: 8%, $10 par ...
Accounting - How the heck to I post this? "Wells purchased 100 shares of Wells ...
Finance - You are provided the following information on a company. The total ...

Search
Members