I’m working on a Accounting report and need support to help me understand better.

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The following events apply to your company’s first year of operations:

1. January 1, 2020 – Acquired $20,000 cash from the issue of common stock.
2. January 1, 2020 – Purchased $800 of supplies on account.
3. January 1, 2020 – Purchased a truck for $10,000 cash. Salvage value is $2,000. Useful life is 4 years.
4. January 15, 2020 – Paid $4,200 cash in advance for a one-year lease on office space starting February 1, 2020.
5. March 31, 2020 – Earned $28,000 of revenue on account.
6. March 31, 2020 – Incurred $12,500 of other operating expenses on account.
7. March 31, 2020 – Collected $24,000 cash from accounts receivable.
8. March 31, 2020 – Paid $9,000 cash on accounts payable.
9. April 1, 2020 borrowed $10,000 from the bank on a 6 month Note Payable with a 10% interest rate.
10. June 30, 2020 Paid a $3,000 cash dividend to the stockholders.

The Stockholders would like to see how your company is performing in the first 6 months of operation and have asked for a complete set of Financial Statements for the period 01/01/2020 – 06/30/2020. Prepare the period end adjusting journal entries noted below, but keep in mind this is for 6 months of operation.

Information for Adjusting Entries – all should be dated June 30, 2020.

• There was $150 of supplies on hand at the end of June 2020.
• The lease on the office space covered a one-year period beginning February 1, 2020.
• There was $3,600 of accrued salaries at the end of the period.
• Your company estimates uncollectable accounts receivable as 1% of sales on account. (You may have to choose a “customer” for your entry. Select “Complete Business Service” or another option that will allow you to post the journal entry.)
• Record Depreciation on the truck purchased on January 1, 2020.
• Record interest expense for the Note Payable dated April 1, 2020. Interest will be paid when the note is due.
  • Once the events above are recorded, check the total debits/credits on your Journal to ensure they are in balance. You should have $ 129,030 in debits/credits.
  • On your homepage in Quickbooks, you will see “Reports” on the left menu. Open the Reports page and print the reports and financial statements noted below to separate pdf files.

Required

Note: The date on the financial statements should be June 30, 2020. This represents 6 months, not a full year.

• Journal

• General Ledger

• Trial Balance

• Profit and Loss (Income Statement)

• Balance Sheet

• Statement of Cash Flows

See your Financial Statement Project assignment in Blackboard. Complete the Financial Statement Project Questions page and submit along with the above reports and financial statements as pdf files

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