Question

Submission 1 - due Monday January 21 before 5pm - You must submit your completed January Journal entries, the Worksheet complete through the Trial Balance, and the worksheet formulas tab complete through the Trial Balance. Your file must be named correctly - "Your name (first and last) Project 1 part 1. Failure to name your file correctly will result in a 1 point deduction. You have been hired as an accountant for FigMint Consulting Inc. This business was created when some friends decided to make use of their newly minted college degrees and go into business together. The business was created on January 1, 2018. The company will have a fiscal year end of December 31. The initial formation transactions and early purchases for FigMint Consulting Inc. resulted in the balances that are included in the first 2 columns of the Worksheet. (see the worksheet tab) During January, the first month of operations, the following transactions occurred: Date Event Amount Amount 1-Jan Borrowed cash from the bank for operating expenses. The note charges simple interest and is to be paid back in 5 years 30,000 loan amount 0.04 interest rate 3-Jan Paid for 12 months rent on office space 11,820 4-Jan Purchased office furniture. 10,895 8-Jan Paid for utilities. 1,455 10-Jan Received cash in advance from Stanley Inc. for work to be performed over the next 12 months. 13,200 14-Jan Performed services for various customers for cash and on account. 11,650 cash 18690 on account 15-Jan Paid the bill for supplies purchased previously. 11,295 26-Jan Collected payments for amounts previously billed. 13,655 28-Jan Purchased additional office supplies on account. 8,950 29-Jan Paid salaries to employees for 1 week. 4,650 31-Jan Dividends were declared and paid. 1,000

JOURNAL ENTRIES - FigMint Consulting Inc
DATE	ACCOUNT	DEBIT	CREDIT

Answer 1

Note: In case of any clarification, please do comment. Thank you.