1 January 1, 2015 Rosen and the other owners invest $50,000 in exchange for...

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Accounting

 

How can I put the information below in these 7 accounts?

Trial balance adjustment adjustment trial balance income statement balance sheet closing post-closing balance sheet 
Debitcreditdebitcreditdebitcreditdebitcreditdebitcreditdebitcreditdebitcredit
              

1 January 1, 2015 Rosen and the other owners invest $50,000 in exchange for corporate stock in the firm.
2 January 2, 2015 Eagle View obtains a loan from the bank for an additional $120,000. The terms of the loan require payments of principal and interest every 3 months for 4 years at an interest rate of 6%.
3 January 2, 2015 Eagle View signs a 1-year lease on retail space. The monthly rent is $1,000 (in advance) with a security deposit of $2,000 all payable upon signing.
4 January 3, 2015 Eagle View purchases sales fixtures and a cash register on account from Generic Office Supply for $30,000. The terms are 2-15, net 30. The equipment has a 5-year life with $0 salvage value. Eagle View uses straight-line depreciation.
5 January 3, 2015 Eagle View purchases inventory from Wheatland Solutions for $50,000 cash (100 units at $500.00 each). It keeps perpetual records for the inventory on the FIFO basis.
6 January 4, 2015 Eagle View purchases $1,000 in office supplies on account from Office Shop. The terms are net 30.
7 January 6, 2015 Eagle View makes its first sale on account to Happy Times. It sells 10 units for $1,000.00 each. Sales tax is 5%. The terms are 2-15, net 30.
7a January 6, 2015 You record the inventory portion of the sale.
8 January 8, 2015 You record Eagle View’s first week of cash sales of 20 units for $1,000.00 each. Again, sales tax is 5%.
8a January 8, 2015 You record the inventory portion of the weekly sales.
9 January 9, 2015 Eagle View receives the utility bill for the month and Ron Rosen plans to pay it soon. The total amount due is $500, payable net 30.
10 January 11, 2015 Eagle View has a cash customer return 5 units because they are the wrong color. Rosen refunds the money including sales tax.
10a January 11, 2015 You record the inventory portion of the return.
11 January 15, 2015 Eagle View pays the employees for the first two weeks of business (January 1 – 14). The gross pay is $2,000, the employee taxes are $500 (those deducted from the paychecks) and the employer taxes are $500.
12 January 15, 2015 You record Eagle View’s second week of cash sales of 4 units for $1,000 each. Again, sales tax is 5%.
12a January 15, 2015 You record the inventory portion of the weekly sales.
13 January 16, 2015 You pay the bill to Generic Office Supply within the discount period.
14 January 17, 2015 Eagle View pays its annual insurance bill of $12,000. The period covered is January 1, 2015 to December 31, 2015.
15 January 18, 2015 Rosen spends $1,000 on advertising on the local news station.
16 January 19, 2015 Happy Time pays its balance in full within the discount period.
17
January 21, 2015 Giggles, Inc. prepays an order of 25 units at $1,000.00 each. Because Giggles, Inc. is a distributor with a resale license, no sales tax is included.
18 January 22, 2015 You record the third week of cash sales of 7 units at $1,000 each. Again, sales tax is 5%
18a January 22, 2015 You record the inventory portion of the weekly sales.
19 January 28, 2015 Eagle View ships out the order for Giggles, Inc.
19a January 28, 2015 You record the inventory portion of the sale.
20 January 29, 2015 You record the fourth week of cash sales of 3 units at $1,000 each. Sales tax is 5%.
20a January 29, 2015 Your record the inventory portion of the weekly sales.
21 January 29, 2015 Eagle View pays its employees for the second two weeks of business (January 15-28). The gross pay is $2,000, the employee taxes are $500 and the employer taxes are $500.
22 January 30, 2015 Eagle View pay February’s rent in advance.
23 January 30, 2015 Eagle View records a sale on account to Salsa King of 8 units for $1,000. There is no sales tax on this transaction.
23a January 30, 2015 You record the inventory portion of the sale.
24 January 31, 2015 Ron Rosen declares and pays a dividend of $5,000.

Answer & Explanation Solved by verified expert
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Please hit LIKE button if this helped For any further explanation please put your query in comment will get back to you Date Account Debit Credit Jan 1 Cash 50000 Jan 1 Common Stock 50000 Jan 2 Cash 120000 Jan 2 Notes Payable 120000 Jan 2 Rent Expense 1000 Jan 2 Security Deposit 2000 Jan 2 Cash 3000 Jan 3 Fixtures 30000 Jan 3 Accounts Payable 30000 Jan 3 Merchandise Inventory 50000 Jan 3 Cash 50000 Jan 4 Office Supplies 1000 Jan 4 Accounts Payable 1000 Jan 6 Accounts Receivable 10500 100010 Jan 6 Sales 10000 500 Jan 6 Sales Tax Payable 500 500 Jan 6 Cost of Goods Sold 5000 10500 Jan 6 Merchandise Inventory 5000 Jan 8 Cash 21000 Jan 8 Sales 20000 Jan 8 Sales Tax Payable 1000 Jan 8 Cost of Goods Sold 10000 Jan 8 Merchandise Inventory 10000 Jan 9 Utilitiy Expenses 500 Jan 9 Accounts Payable 500 Jan 11 Sales 5000 51000 Jan 11 Sales Tax    See Answer
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In: Accounting1 January 1, 2015 Rosen and the other owners invest $50,000 in exchange for corporate stock in the firm. How can I put the information below in these 7 accounts?Trial balance adjustment adjustment trial balance income statement balance sheet closing post-closing balance sheet Debitcreditdebitcreditdebitcreditdebitcreditdebitcreditdebitcreditdebitcredit              1 January 1, 2015 Rosen and the other owners invest $50,000 in exchange for corporate stock in the firm.2 January 2, 2015 Eagle View obtains a loan from the bank for an additional $120,000. The terms of the loan require payments of principal and interest every 3 months for 4 years at an interest rate of 6%.3 January 2, 2015 Eagle View signs a 1-year lease on retail space. The monthly rent is $1,000 (in advance) with a security deposit of $2,000 all payable upon signing.4 January 3, 2015 Eagle View purchases sales fixtures and a cash register on account from Generic Office Supply for $30,000. The terms are 2-15, net 30. The equipment has a 5-year life with $0 salvage value. Eagle View uses straight-line depreciation.5 January 3, 2015 Eagle View purchases inventory from Wheatland Solutions for $50,000 cash (100 units at $500.00 each). It keeps perpetual records for the inventory on the FIFO basis.6 January 4, 2015 Eagle View purchases $1,000 in office supplies on account from Office Shop. The terms are net 30.7 January 6, 2015 Eagle View makes its first sale on account to Happy Times. It sells 10 units for $1,000.00 each. Sales tax is 5%. The terms are 2-15, net 30.7a January 6, 2015 You record the inventory portion of the sale.8 January 8, 2015 You record Eagle View’s first week of cash sales of 20 units for $1,000.00 each. Again, sales tax is 5%.8a January 8, 2015 You record the inventory portion of the weekly sales.9 January 9, 2015 Eagle View receives the utility bill for the month and Ron Rosen plans to pay it soon. The total amount due is $500, payable net 30.10 January 11, 2015 Eagle View has a cash customer return 5 units because they are the wrong color. Rosen refunds the money including sales tax.10a January 11, 2015 You record the inventory portion of the return.11 January 15, 2015 Eagle View pays the employees for the first two weeks of business (January 1 – 14). The gross pay is $2,000, the employee taxes are $500 (those deducted from the paychecks) and the employer taxes are $500.12 January 15, 2015 You record Eagle View’s second week of cash sales of 4 units for $1,000 each. Again, sales tax is 5%.12a January 15, 2015 You record the inventory portion of the weekly sales.13 January 16, 2015 You pay the bill to Generic Office Supply within the discount period.14 January 17, 2015 Eagle View pays its annual insurance bill of $12,000. The period covered is January 1, 2015 to December 31, 2015.15 January 18, 2015 Rosen spends $1,000 on advertising on the local news station.16 January 19, 2015 Happy Time pays its balance in full within the discount period.17January 21, 2015 Giggles, Inc. prepays an order of 25 units at $1,000.00 each. Because Giggles, Inc. is a distributor with a resale license, no sales tax is included.18 January 22, 2015 You record the third week of cash sales of 7 units at $1,000 each. Again, sales tax is 5%18a January 22, 2015 You record the inventory portion of the weekly sales.19 January 28, 2015 Eagle View ships out the order for Giggles, Inc.19a January 28, 2015 You record the inventory portion of the sale.20 January 29, 2015 You record the fourth week of cash sales of 3 units at $1,000 each. Sales tax is 5%.20a January 29, 2015 Your record the inventory portion of the weekly sales.21 January 29, 2015 Eagle View pays its employees for the second two weeks of business (January 15-28). The gross pay is $2,000, the employee taxes are $500 and the employer taxes are $500.22 January 30, 2015 Eagle View pay February’s rent in advance.23 January 30, 2015 Eagle View records a sale on account to Salsa King of 8 units for $1,000. There is no sales tax on this transaction.23a January 30, 2015 You record the inventory portion of the sale.24 January 31, 2015 Ron Rosen declares and pays a dividend of $5,000.

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