1.
Please write a four-to-six sentence paragraph on
the following question. Describe each of the four basic financial statements.
What is the relationship between them?
Please write a four-to-six sentence paragraph on
the following question. Describe each of the four basic financial statements.
What is the relationship between them?
2. During the first month of operations (March 2011), Jerry Enterprises completed the
following selected transactions:
following selected transactions:
a.
The business received $12,000 in cash and a
building valued at $52,000. The corporation issued stock to the contributors of
these.
The business received $12,000 in cash and a
building valued at $52,000. The corporation issued stock to the contributors of
these.
b.
Borrowed $15,800 from the bank and signed a note
payable to them
Borrowed $15,800 from the bank and signed a note
payable to them
c.
Paid $12,000 for equipment
Paid $12,000 for equipment
d.
Purchased supplies on account for $200
Purchased supplies on account for $200
e.
Paid employees' salaries of $2,100
Paid employees' salaries of $2,100
f.
Performed services for customer on account,
$2,800
Performed services for customer on account,
$2,800
g.
Paid $100 of the accounts payable in transaction
d above
Paid $100 of the accounts payable in transaction
d above
h.
Received a $800 bill for advertising expense that
will be paid in the near future
Received a $800 bill for advertising expense that
will be paid in the near future
i.
Received cash on account, $1,600
Received cash on account, $1,600
j.
Paid rent of $1,200
Paid rent of $1,200
Required:
1.
Prepare the journal entries for the above
transactions.
Prepare the journal entries for the above
transactions.
2.
Prepare the trial balance sheet of Jerry
Enterprises as of March 31, 2011.
Prepare the trial balance sheet of Jerry
Enterprises as of March 31, 2011.
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