Prepare journal entries for each transaction.
Post each of the journal entries to related T-accounts.
Prepare a trial balance at the end of the month.
Prepare any necessary adjusting entries.
Prepare an adjusted trial balance.
Prepare Company Inc.’s Income Statement for the month ended January 31, 2018.
Prepare Company Inc.’s January 31 closing entries.
Prepare Company Inc.’s January 31 post-closing trial balance.
Prepare Company Inc.’s Statement of Retained Earnings for the month ended January 31, 2018, and their Balance Sheet as of January 31, 2018.
Packing Inc.’s transactions during January 2020:
Jan. 1 – Issued 6,500 shares of no-par common stock for $10 per share.
Jan. 1 – Purchased a computer equipment for $5,000. Monthly depreciation for the equipment is $250.
Jan. 3 – Paid $3,000 in rent on the warehouse building for the month of January
Jan. 6 – Purchased office supplies for $6,000.
Jan. 10 – Performed repairs and maintenance on their machine costing $1,500.
Jan. 11 – Purchased inventory on account for $95,000.
Jan. 16 – Declared and paid $15,000 in dividends to its shareholders.
Jan. 21 – Paid $55,000 to its suppliers for inventory purchased on credit in December 2019 ($45,000) and on January 11, 2020 ($10,000).
Jan. 25 – Provided services for which a customer had paid $7,500 in December of 2019 (hint: see the deferred revenue account in the January 1, 2020 trial balance).
Jan. 31 – Paid its employees $24,800 for work performed from December 26 – January 25. $4,800 was for work performed in December 2019, and 20,000 was for work performed from January 1 – January 25, 2020.
During January Packing Inc. made credit sales for $225,000. The cost of the goods sold was $123,750 (make one summary entry for the entire month).
During January Packing Inc. collected $145,000 in accounts receivable from customers (make one summary entry for the entire month).
At the end of January, Packing Inc. had $3,500 of office supplies on hand.
Monthly depreciation for the Furniture & Fixtures is $2,000, and monthly depreciation for the machine is $750.
The note receivable for $24,000 is a 5-year note that matures on December 31, 2023. The interest on the note is 6% and is payable annually on each December 31st.
Packing Inc. received the regularly scheduled interest of $1,440 on December 31, 2019.
During the period January 26 – January 31 employees earned an additional $4,500 which will be included in their February paycheck
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