Alex Alex established Alex Consulting Company on September 1,2018, as a backup plan.The company...Alex...

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Accounting

Alex Alex established Alex Consulting Company on September 1,2018, as a backup plan.
The company had the following transactions duringSeptember.
Sept. 1 – The company sold shares of common stock for $30,000cash.
Sept. 1 – The company purchased a one-year insurance policy for$300 in cash.
Sept. 1 – The company purchased office equipment costing $8,000by signing a 6% note. The Equipment has a 5 year life and nosalvage value. The note requires monthly principal payments of $225beginning on October 1st until the balance is paid.
Sept. 10 – The company purchased $735 of office supplies forcash.
Sept. 15 – The company paid legal and registration fees toregister their trademark which is his nickname “Sanchize.” The feesincurred totaled $4,000, which were paid in cash.
Sept. 29 – The company billed customers $5,500 for consultingservices performed.
Sept. 30 – The company paid $1,450 for employee’s salary.
Sept. 30 – Since the company had a good month so Sanchezdeclared a $1,000 dividend to be paid on October 10th.
Additional Information:
On September 30th, the company took an inventory of the suppliesand found that they had $500 of supplies on hand.
Equipment purchased before the 15th of the month are depreciatedfor a whole month using the straight-line method.
On October 3rd received the September utilities bill for$188.
Required:
Journalize the transactions.
Prepare the adjusting entries.
Post all entries to the accounts.
Prepare a Single-Step Income Statement, Retained EarningsStatement and a Classified Balance Sheet for his first month ofoperations.
Prepare the closing entries.
Comment on the company’s liquidity, capital structure andfinancial flexibility and their overall financial position.

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Alex Alex General Journal Date Journal Amount DR Amount CR 01Sep Cash 3000000 To Common Stock 3000000 Being amount of sale of common stock 01Sep Prepaid Insurance 30000 To Cash 30000 Being amount of purchased of one year insurance policy 01Sep Office Equipment 800000 To Notes Payable 800000 Being amount of Equipment purchased by issuing note payable 10Sep Office Supplies 73500 To Cash 73500 Being amount of Office supplies purchased 15Sep Legal Expenses 400000 To Cash 400000 Being amount of legal and registeration expenses 29Sep Accounts Receivable 550000 To Service Revenue 550000 Being amount of Service Revenue 30Sep Employees Salaries 145000 To Cash 145000 Being amount of Service Revenue 30Sep Dividend 100000 To Dividend Payable 100000 Being amount of dividend declared Adjusting Entries Date Particular Amount Dr AmountCr 30Sep Office supplies Expenses735500 23500 To Office Supplies See Answer

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In: AccountingAlex Alex established Alex Consulting Company on September 1,2018, as a backup plan.The company...Alex Alex established Alex Consulting Company on September 1,2018, as a backup plan.The company had the following transactions duringSeptember.Sept. 1 – The company sold shares of common stock for $30,000cash.Sept. 1 – The company purchased a one-year insurance policy for$300 in cash.Sept. 1 – The company purchased office equipment costing $8,000by signing a 6% note. The Equipment has a 5 year life and nosalvage value. The note requires monthly principal payments of $225beginning on October 1st until the balance is paid.Sept. 10 – The company purchased $735 of office supplies forcash.Sept. 15 – The company paid legal and registration fees toregister their trademark which is his nickname “Sanchize.” The feesincurred totaled $4,000, which were paid in cash.Sept. 29 – The company billed customers $5,500 for consultingservices performed.Sept. 30 – The company paid $1,450 for employee’s salary.Sept. 30 – Since the company had a good month so Sanchezdeclared a $1,000 dividend to be paid on October 10th.Additional Information:On September 30th, the company took an inventory of the suppliesand found that they had $500 of supplies on hand.Equipment purchased before the 15th of the month are depreciatedfor a whole month using the straight-line method.On October 3rd received the September utilities bill for$188.Required:Journalize the transactions.Prepare the adjusting entries.Post all entries to the accounts.Prepare a Single-Step Income Statement, Retained EarningsStatement and a Classified Balance Sheet for his first month ofoperations.Prepare the closing entries.Comment on the company’s liquidity, capital structure andfinancial flexibility and their overall financial position.