46) Timothy Company has the following trial balance at December 31, 2015:
Account
|
Debit
|
Credit
|
Cash
|
$31,200
|
|
Accounts Receivable
|
4,000
|
|
Supplies
|
300
|
|
Land
|
40,000
|
|
Accounts Payable
|
|
1,300
|
Short-term Notes Payable
|
|
45,000
|
Common Stock
|
|
10,000
|
Retained Earnings
|
|
18,500
|
Dividends
|
1,800
|
|
Service Revenue
|
|
7,600
|
Salary Expense
|
3,000
|
|
Rent Expense
|
1,500
|
|
Interest Expense
|
400
|
|
Utilities Expense
|
200
|
______
|
Totals
|
$82,400
|
$82,400
|
Prepare a balance sheet at December 31, 2015.
47) Slowly Company had the following transactions during its first month of operations:
June1The company received cash of $35,000 and issued common stock to the shareholders.
2Borrowed $20,000 from the bank and signed a long-term note payable.
8Purchased equipment with a short-term note payable for $10,000.
9Rendered services billed at $3,000 and received cash of $3,000.
10Performed services for a client on account, $6,500.
12Employees worked two weeks and were paid salaries of $1,000.
15Paid the short-term note payable from the June 8 purchase.
22Purchased office supplies on account for $7,000.
30Paid amount due for office supplies.
30 Paid monthly rent of $500, due on the last day of the month for the month of June.
30Paid the monthly income taxes of $2,200.
30 The Board of Directors declared and paid dividends of $1,000.
REQUIRED:
1.Journalize the entries. Omit the explanations.
2.Prepare a single-step income statement for the first month of operations.
3. Prepare a statement of retained earnings for the first month of operations.