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Following Transactions appeared in the books of Rolo&Co. in the month of January, 2021 ...

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Question

Accounting

Following Transactions appeared in the books of Rolo&Co. in the month of January, 2021

Date(in the month of January

Transactions

1

Rolo Kern invested $5,200 cash and $100 worth of office equipment

3

Purchased office equipment on account, $50

5

Bought office supplies for cash, $40

10

Collected $2400 for services rendered.

12

Rolo paid his home electric bill from the company bank account, $20.

15

Provided $1100 worth of services to clients who will not pay until next month.

17

Paid salaries, $160

20

Purchased machinery on account from Ling Corp., $400

22

Paid salaries, $80

25

Paid Ling Corp. one-half amount owed for machinery

30

Paid rent of office, $100

Additional information-

  1. Prepaid rent for 3 months amounting to $3600 paid on January 1, 2021
  2. Depreciation on machinery $1200 for one year

Prepare a full accounting cycle as on January 31, 2021 including-

Journal, T accounts, Trial balance, adjusted journal, adjusted T accounts and adjusted Trial balance

Also prepare Income statement, statement of changes in equity and balance sheet as on January 31, 2021

Note- There is no need to pass closing journal entries.

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