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UNIVERSIDAD ANA G. MENDEZ School of Engineering DEPARTMENT OF INDUSTRIAL AND MANAGEMENT ENGINEERING IMEN-341 Accounting...

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Accounting

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UNIVERSIDAD ANA G. MENDEZ School of Engineering DEPARTMENT OF INDUSTRIAL AND MANAGEMENT ENGINEERING IMEN-341 Accounting & Finance for Engineers Assume the following: Moderno Engineering Company had the following transactions: Jan-01 Issued capital stock for $955,000. Jan-01 Purchased a Packaging Equipment for $20,000 with a useful life of 5 years and a Salvage value of $2,500. Jan-01 Purchased an Insurance Policy (1 year) for $30,000. Jan-03 Purchased a Machine, paying $10,000 in cash and issuing a note of $20,000. Jan-05 Purchased $23,000 of inventory on account. Jan-07 Jan-11 Jan-15 Sold inventory costing $4,000 for $50,000 on account. Paid $1,000 for inventory purchased on account (from Jan-05). Collect $15,550 of accounts receivable from customers (from Jan-07). Paid utility bills totaling $1,000. Paid wages for $10,000. Jan-17 Jan-23 Jan-25 Collect $3,000 in bank interest. Jan-30 Paid $12,580 due to income taxes. Jan-31 Adjust the Insurance account and depreciation expense at the end of the month. Required: A. Record the above transactions in General Journal (Journal Entries). B. Record the transactions in General Ledger format (T-Accounts). C. Prepare a Trial Balance for Techno Engineering Company

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