50.1K

Verified Solution

Link Copied!

Need help with these journal entries

Jepreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $6,580. Six months' of the one-year insurance policy purchased on July 1 has expired. Four months of the one-year rental agreement purchased on September 1 has expired. Of the $1,100 of office supplies purchased on July 4,$300 remains. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. Of the $2,400 of racing supplies purchased on December 12,$290 remains. Suzie calculates that the company owes $13,700 in income taxes. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 27). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 28 to 34). 3. Review the adjusted 'Trial Balance' as of December 31, 2024. 4. Prepare an income statement for the period ended December 31, 2024, in the 'Income Statement' tab. 5. Prepare a statement of stockholder's equity for the period ended December 31,2024 , in the 'Statement of Stockholder's Equity' tab. 6. Prepare a classified balance sheet as of December 31,2024 in the 'Balance Sheet' tab. 7. Record the closing entries in the 'General Journal' tab (these are shown as items 35 to 37 ). Jepreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $6,580. Six months' of the one-year insurance policy purchased on July 1 has expired. Four months of the one-year rental agreement purchased on September 1 has expired. Of the $1,100 of office supplies purchased on July 4,$300 remains. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. Of the $2,400 of racing supplies purchased on December 12,$290 remains. Suzie calculates that the company owes $13,700 in income taxes. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 27). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 28 to 34). 3. Review the adjusted 'Trial Balance' as of December 31, 2024. 4. Prepare an income statement for the period ended December 31, 2024, in the 'Income Statement' tab. 5. Prepare a statement of stockholder's equity for the period ended December 31,2024 , in the 'Statement of Stockholder's Equity' tab. 6. Prepare a classified balance sheet as of December 31,2024 in the 'Balance Sheet' tab. 7. Record the closing entries in the 'General Journal' tab (these are shown as items 35 to 37 )

Answer & Explanation Solved by verified expert

See Answer