Question

Prepare the General Ledger, T-Accounts.

1) Jan-1 The JW-Corp Received $120,000 from Investors in Exchange for 6,000 shares of Common Stock.

2) Jan-2 JW-Corp Borrowed $150,000 from SCHWAB BANK and signed a Note Due in 24 months.

3) Jan-3 JW Corp purchased Office Equipment worth $120,000 (5 year life), with a $40,000 Down payment of Cash and the remainder Due on account to Target-Corp within 9 Months.

4) Jan-4 JW Corp purchased an Office Building for $600,000 (25 year life), by making a Down payment of $60,000 and then signed a Note for the remainder Due in 18 Months to CHASE Bank.

5) Jan-5 JW Corp paid $15,000 with a check for Office Rent for the next 3 months.

6) Jan-10 JW Corp paid $4,000 with a check for Business Insurance for this month.

7) Jan-11 JW Corp provided CPA Services to the Gavilan Corp worth $175,000 and Collected $85,000 Cash and Billed them the remainder on Account.

8) Jan-15 JW-Corp received This Month’s Utility Bill from PGE for $3,000 to be paid Later.

9) Jan-16 JW-Corp received This Month’s Telephone Bill from Skype for $200 to be paid Later.

10) Jan-17 JW-Corp received a $10,000 check from Gavilan Corp on Account.11) Jan-20 JW-Corp received a BILL for $15,000 for Legal Fees used this month to be Paid Later.

12) Jan-23 JW-Corp paid $11,000 with Checks for this Months Salaries expenses.

13) Jan-24 JW-Corp Received a $13,000 check from Gavilan Corp on Account.

14) Jan-25 JW-Corp received a $27,000 check from Garlic-Corp for Services to be Provided Later

.15) Jan-26 JW-Corp Paid Target $33,000 with a Check towards the Equipment from Transaction #3.

16) Jan-27 JW Corp Wrote a Check to Skype for the Full Amount Due on account for the Telephone Bill from #9.

17) Jan-28 JW Corp Paid $4.20 Cents per Share to the Owners of the Business with Checks.

18) Jan-29 JW-Corp paid $9,000 with a Check on the Note Payable from Transaction #2, $2,800 was for Interest Expense, and the remainder reduced the Note Payable.

19) Jan-31 JW-Corp recorded one Month of RENT Expense from the Prepaid Account.

20) Jan-31 JW-Corp recorded one Month of Depreciation Expense on The Office Equipment Using the Straight Line Depreciation Method.

21) Jan-31 The JW Corp recorded one Month of Depreciation Expense on the Office Building using the Straight Line Depreciation Method.

22) Jan-31 the JW-Corp Recorded the Income Tax Payable for the Month, which is 34.00% of Net Income.

Answer 1

Cash 120000 Common stork 120000 2: 150000 3 Чоооо Cash 150000 Note Payable Equipment 120000 'Cash Account Payable 80000 Building 6ooooo Cash 60000 Note Pagable 540000 4 5. Prepaid Rent Cash 15000 15000 Insurance Exp. 4000 Cash uovo 85000 Accounts Receivable 9oooo Sewice Revenue 1750oo 8. Utilities Exp 3ooo utiuties Payable 3000 Telephone Exp. Telephone Exp. Payable 200 gi 200

Poco No Cash | 1oooo Accounts Receivable 10.000 15000 Legal Fees Exp Legal Fees Payable Isovo 121 Salaries Expens 11000 Cash 11ooo 3 Cash 13000 Anounts Receivable 13000 Cash 2700o Deferred Revenue 2700o Accounts Payable 33000 33000 14 Telephone Eup payable 200 Cesh 200 Dividend Cash 25200 25200 18. Note payable Interest Bank Exp. Cash 6200 2800 gooo Rent Expense 5000 Prepaid Real 5ooo

20 2000 2000 2000 Depreciation Exp. Accumulated dep. Eq. 2000 Depancrobiom bezp Accuentated Depubulalong Income Tax 44200 Lost Income tax payable 4200 Cash Common Stork 120000 40000 22 1926ooo Soooo 6oooo 85000 10000 Yood 13000 1.1000 127000 33000 200 1205600 gooo 2000 120000 Note Payable 6200 150000 1540000 Equipment 683800 a Accounts Payable 33000/120000 120000 11Zorro Building 187ooo Prepaid Rent 16ooooo 15ooo 5000 10000 Corvoo Accounts Receivable 1oooo 13000 Insurance Exp 4ooo goooo Mooo 167000

Utilities Expense Savice Revenue 117svoo 3000 117sovo Telephone Expense 200 13000 Utilities Payable 3000 200 3000 Telephone Expenu Payable legal Fees Expi 200 200 01 Isroo Salaris Expense Legal Fees Payable 1000 ISU 15000 11000 Defend Revenue 27000 Dividend 25200 25200 127000 Rent Expense Interest Expense 2800 2800 ooo Accumulated Dep Er Deprecition Eop 12000 2000 Accumulated Dep. Building 2000 2000 14000 Income Tax 44200 2000 2000 144200

Date: 200 Bimal working for Income tax payable amount Senice Revene 17 SUVO Expenses Insurance Expense you utilities Expense 3000 Telephone Expense Legal Fees Expo 15000 11000 5000 2800 Depreciation Exp. yooo usovo Takable Book Income 130000 Less Income tax @ 34% (44200) Net Income 85800 Less: Dividend 25200 Addition to retained earnings 6060 o Salaries Exp Rest Ear Interest Expi

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