Analyze the transactions.Calculate the account balances as of Jan. 31:31-DecLocal sells shares for $175,000 cash.10-JanLocal...
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Accounting
Analyze the transactions.
| Calculate the account balances as of Jan. 31: | |||||
| 31-Dec | Local sells shares for $175,000 cash. | ||||
| 10-Jan | Local buys $93,000 of equipment for cash. | ||||
| 12-Jan | Local pays rent for the month of January of $6,000. | ||||
| 14-Jan | Local issues a $25,000 10-year bond | ||||
| 15-Jan | Local buys $25,000 of inventory for cash. | ||||
| 18-Jan | Local sells $12,000 worth of inventory for $34,000 cash. | ||||
| 20-Jan | Local sells $11,000 worth of inventory for $31,000 on account | ||||
| 22-Jan | Local incurs salary expense of $18,000 | ||||
| 28-Jan | Local pays employees $13,000 for salaries already incurred. | ||||
| 30-Jan | Local incurs and pays $625 interest on the bond. | ||||
| 30-Jan | Local pays a cash dividend of $500. | ||||
| 30-Jan | Local incurs tax expense of $3,000. | ||||
| 30-Jan | Local incurs depreciation expense of $1,500 on the equipment. | ||||
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