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This is an updated question with the other requirements. Please i also need these answered as...

This is an updated question with the other requirements. Please i also need these answered as soon as possible. Thanks!

GSU Corporation completed these transactions during January of the current year:

January 1, Began business by selling stock for $725,000.00.  
January 1, Rented office space for 1 month using check number 800 for $10,000.00 to Smithlord Properties. (Example posted to cash disbursement journal).
January 2, Purchased office furniture and equipment on credit from McKay Company, invoice mck66 dated January 9, terms 2/10, net 30, $20,499.11. (Example posted to purchases journal).
January 2, Sold merchandise on credit to John Nelson. Invoice No. 324, $7,965.37. (Terms for all credit sales are 2/10, n/30). (Example posted to sales journal).
January 3, Purchased on credit from Corsair Company office supplies, $1224.54, invoice xx12 dated January 3, due in 30 days. Supplies are expected to last for approximately 4 months.   
January 3, Received merchandise and invoice F1 dated Jan 1, terms 2/10, n/30; from Farnswood Company, $213,022.22.
January 3, Sold merchandise on credit to Thomas Zak, Invoice no 325, $4,666.88.
January 10, Sent Farnswood Company Check no. 876 in payment of its January 1 invoice less the discount.
January 10, Sold merchandise on credit to Margo Edwards, Invoice no. 326, $8,375.21.
January 11. Sold merchandise on credit to Ken Duclose, Invoice no. 327, $5,554.23
January 12, Received payment from John Nelson for the January 2 sales less the discount check number 4444. (Example posted to cash receipts journal).
January 13, Received payment from Thomas Zak for the January 3 sales less the discount check number 12345.
January 15, Issued check no. 877 payable to payroll, in payment of sales salaries for the first half of the month, $7,950.00. Cashed the check and paid the employees.
January 15, Cash sales for the first half of the month were $77,341.22. (Normally cash sales are posted daily, but for the purposes of this problem you are going to post them all at once.)
January 19, Received payment from Margo Edwards for the sale of January 10 less the discount check number 8888.
January 20, Received merchandise and invoice F2 dated Jan 19, terms 2/10, n/30; from Farnswood Company, $113,044.44.
January 27, Sold merchandise on credit to Margo Edwards, Invoice no. 328, $7,158.22
January 28, Sold merchandise on credit to Thomas Zak, Invoice no 329, $28,644.11.
January 29, Sold merchandise on credit to Heather Terry, Invoice no 330, $13,123.45.
January 31, Issued check no. 879 payable to payroll, in payment of sales salaries for the second half of the month, $7,950.00. Cashed the check and paid the employees.
January 31, Cash sales for the second half of the month were $72,345.00. (Normally cash sales are posted daily, but for the purposes of this problem, you are going to post them all at once.)
January 31, Paid for utilities (water, power, etc) to Massive Utilities Company $1,454.77 check number 880.
January 31, Paid for advertising from The Advertising Experts Inc. for January $12,500.00 check number 881.
January 31, Estimated the expected life of the office furniture and equipment to be 5 years with no salvage value. The KSU Corporation will take a full month of straight-line depreciation in January.
January 31, Counted ending inventory valued at $ 196,312.00.
January 31, Counted office supplies and determined that approximately $800.00 worth of supplies were left and that the rest had been used in January.

1.) trial balance

2.) Balance sheet

3.) Income statement

4.) Schedule of AR and AP





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Answer #1

GSU Corporation completed these transactions during January of the current year:

Giving Journal entries as working. Trial balance Income Statement, Balance Sheet and Schedule of AR and AP also given:Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you Working for Requirement:IHence narration not givenl 725,000.00 lan 1 Common Stock 725,000.00 d,00.00 10,000.00 Office Furniture and Equipment 5 20,499.11 Accounts Payable S 20,499.11 Mckay Company 2/10 Jan 2 Accourts Receivable John Nelson 2,10 Jan 3 Office Supplies $ 1,224.54 51,324.5-4 Corsair Company S213,022.22 Accounts Payable Farrswood Company 2/10 Accourts Receivable 5 4,666.88 Thomas Zak Sales $4,666.93 213,022.22 lan 10 an 10 Accourts Payable Farrswood Company $ 4,260.44 213022.22 2% 5208,76178 Plug in lan 10 Accunts Reccivabla Margo Edwards an 10 S 8.375.21 en 11 Ats Repeivable 5,554.23 Ken Duclose Sales ,554.23 5 7,806.06 Jan 12 Cash an 12 Sles Discount in Accounts Receivable 57.965.37 John Nelsan len 13 Cash an 13 Soles Discount 54,573 54 93.34 4G66812% Thomas Zak Jan 15 an 15 Sales Salarics Expense $ 7,950.00 5 7.950.00 77,34127 Sales 77,141.22 Jan 19 an 19 len 19 Cash Sales Discount 5 8,07.71 $167.50 8375.21.2% Apcourts Receivable 8,375.21 Mareo Eedwards an 20 urchasc 113,044.44 len 20 nts Payable 113,044.44 Farrswood Compery 2/10 7,15827 lan 27 Acts Rec ivable an 27 Margo Edwards 2/10 Sales $ 7.158.22 5 28,614.11 Thomas Zak 2/10 Jan 2B Acourts Receivable an 29 Sales 28,644.11 an 29 Accourts Recevable lan 20 13,123.45 2/10 13,12345 an 31 Sales Salarics Expense Jan 31 $3,950.00 57,950.0O lan 3 Cash 72,345.00 Sales 72,345.00 Jan 31 Uility Expense 1,454.77 1,454.77 an 31 lan 31 Advertising Expense 12,500.00 12,500.00 341.65 an 31 Jan 31 Depreciation Expense Accumulated Depreciation- Office Furniture and Equipment 20499.11/6 Manths) Office Supplies Expense 424.54 lan 31 Jan 31 424.54 OFice Supplies 1224 54-800Trial Balance Account Cash Accounts Receivable Office Supplies Office Furniture and Equipment Accumulated Depreciation - Office Furniture and Equipment Accounts Payable Common Stock Sales Sales Discount Purchases Purchase Discount Advertising Expense Depreciation Expense Office Supplies Expense Sales Salaries Expense Utility Expense Rent Expense Debit $ 646,656.99 $ 54,480.01 Credit 800.00 $ 20,499.11 341.65 $ 134,768.09 $ 725,000.00 $ 225,173.69 420.15 $ 326,066.66 4,260.44 12,500.00 341.65 424.54 $ 15,900.00 $1,454.77 10,000.00 Total $1,089,543.88 $1,089,543.88 Income Statement Operating Revenue Sales Less: Sales Discount Net Sales Cost of Goods Sold Merchandise Inventory, Beginning Purchases Less Purchase Discount Net Delivered Cost of Purchases Total Merchandise Available for Sale Less: Merchandise Inventory, Ending Cost of Goods Sold Gross Profit on Sales Operating Expenses Advertising Expense Depreciation Expense Office Supplies Expense Sales Salaries Expense Utility Expense Rent Expense Total Operating Expense Net Income $ 225,173.69 $-420.15 $ 224,753.54 $ 326,066.66 $-4,260.44 $321,806.22 $321,806.22 $-196,312.00 $-125,494.22 $ 99,259.33 S 12,500.00 341.65 424.54 $ 15,900.00 1,454.77 5 10,000.00 $ -40,620.96 $ 58,638.36Balance Sheet Balance Sheet Assets Current Assets Cash Accounts Receivable $ 646,656.99 54,480.01 $ 800.00 S 196,312.00 $ 898,249.00 Office Supplies Merchandise Inventory Total Current Assets Plant and Equipment Office Furniture and Equipment Less: Accumulated Depreciation - Office Furniture and Equipment Total Plant and Equipment Total Assets $ 20,499.11 $-341.65 20,157.46 $ 20,157.46 $ 918,406.45 Liabilities and Owners Equity Current Liabilities Accoutns Payable Total Current Liabilities $ 134,768.09 134,768.09 Total Liabilities $ 134,768.09 Owners Equity Common Stock Retained Earning Total Equity Total Liabilities and Owners Equity $ 725,000.00 S 58,638.36 $ 783,638.36 $ 918,406.45 Schedule of AR $13,123.45 Heather Terry John Nelson Ken Duclose Margo Edwards Thomas Zak Total $5,554.23 $7,158.22 $ 28,644.11 54,480.01 Schedule of AP Corsair Company Farnswood Company Mckay Company Total 1,224.54 $113,044.44 $20,499.11 S 134,768.09

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