1. Hologen Products Company began business on January 1, 2022. During January, the following transactions occurred: Jan. 1 Issued 1,000 share of $20 par value common stock in exchange for $100,000 cash. 2 Purchased inventory on account for $35,000 terms 2/15 net 30 (the perpetual inventory system is used) 4 Paid an insurance company $2,400 for a one-year insurance policy 10 Sold merchandise on account for $12,000. The cost of the merchandise was $7,000 15 Borrowed $30,000 from a local bank and signed a note. Principal and interest at 10% is to be repaid in six months. 20 Paid employees $6,000 wages for the first half of the month 22 Sold merchandise for $10,000 cash. The cost of the merchandise was $6,000 24 Paid $15,000 to suppliers for the merchandise purchased on January 2 26 Collected $6,000 on account from customers 28 Paid $1,000 to the local utility company for January gas and electricity 30 Paid $12,000 rent for the building for a 12 month lease that began January 1 . REQUIRED 1. Prepare statement of retained earnings 2. Prepare closing entries 3. Prepare a post-closing trial balance
Other questions asked by students
Why does diesel engine initiate 2 stage fuel injection? What is the reason for that?
TOPOLOGY Let f : X ? Y be a function. Prove that f is one-to-one and onto...
There is a positive correlation between an individual s level of education and their annual...
On December 31, 2020, Gumble Ltd., an IFRS reporting company, has $ 3,150,000 in short-term...
Review the income statement data for each of the following companies: (Click the icon to...
1 On January 8, the end of the first weekly pay period of the year,...
Click here to watch the Tell Me More 8.3 video and then answer the questions...
On February 1, 2021. Cromley Motor Products issued 6% bonds, dated February 1, with a...