June 30 $500 in dividends were paid in cash. xx
1. Prepare journal entries in good form for the transactions above.
2. Post the journal entries into T-accounts (make sure you have a total amount for each account). There should be no hardcoded numbers on the T-accounts, only formulas.
3. Make a trial balance in good form as of June 30, 20xx (make sure you have headers and totals). There should be no hardcoded numbers on the trial balance, only formulas.
This project is an extension of Part 1, so just like in the real world the previous transactions do not go away. Review your transaction analysis, journal entries, T-Account postings and Trial Balance for accuracy. You start from where that part ended and add this information.
The following transactions are adjusting entries that need to be booked as of June 30, 20XX:
1. The money borrowed on June 2 is an interest-only loan with a 10 percent interest rate. The interest accrues each month even though it is only paid quarterly with the first payment not due until September 2, 20xx. Compute interest on a monthly basis not by number of days.
2. The building has no salvage value and is depreciated on a straight-line basis over 30 years. The equipment has no salvage value and is depreciated on a straight-line basis over 10 years.
3. One month of insurance coverage has expired. Assume an entire month’s worth of insurance has expired not only the number of days between payment and end of June.
4. There is $8,500 of inventory left in storage at the end of the month and there was no inventory used for internal purposes.
5. The last payday was June 28th (employees were paid for working that day). Wages accrue at $200 per day.
1. Make adjusting entries in good form based on the above information. Create separate adjusting journal entries from your part 1 journal entries.
2. Post the adjusting journal entries into T-accounts (make sure you have a total amount for each account and that the T-accounts have Part 1 and Part 2 amounts). Remember t-accounts do not go away. Any T-account from Part 1 whether it was affected or not needs to be included.
3. Finish an adjusted trial balance.
Part 3 of the project is an extension of Parts 1 and 2, so just like in the real world the previous transactions do not go away. You start from where part 2 ended and add this information.
1. Prepare closing journal entries to “close out” all required accounts. (Part 1 & 2 entries are not required and should not be turned in)
2. Post the journal entries into T-accounts (make sure you have a total amount for each account). Remember t-accounts do not go away. Any T-account from Part 1 & 2 whether it was affected or not needs to be included.
3. Complete the Income Statement for June 20xx.
4. Make a final Balance Sheet as of June 30, 20xx. This includes subtotals and totals for all categories we discussed in class.
5. make a post-closing trial balance.
Why Choose Us
At Myhomeworkwriters.com, we always aim at 100% customer satisfaction. As such, we never compromise o the quality of our homework services. Our homework helpers ensure that they craft each paper carefully to match the requirements of the instruction form.
Professional Academic Writers
With Myhomeworkwriters.com, every student is guaranteed high-quality, professionally written papers. We ensure that we hire individuals with high academic qualifications who can maintain our quality policy. These writers undergo further training to sharpen their writing skills, making them more competent in writing academic papers.
Our company maintains a fair pricing system for all academic writing services to ensure affordability. Our pricing system generates quotations based on the properties of individual papers.
My Homework Writers guarantees all students of swift delivery of papers. We understand that time is an essential factor in the academic world. Therefore, we ensure that we deliver the paper on or before the agreed date to give students ample time for reviewing.
Myhomeworkwriters.com maintains a zero-plagiarism policy in all papers. As such, My Homework Writers professional academic writers ensure that they use the students’ instructions to deliver plagiarism-free papers. We are very keen on avoiding any chance of similarities with previous papers.
Customer Support 24/7
Our customer support works around the clock to provide students with assistance or guidance at any time of the day. Students can always communicate with us through our live chat system or our email and receive instant responses. Feel free to contact us via the Chat window or support email: email@example.com.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Our Homework Writing Services
My Homework Writers holds a reputation for being a platform that provides high-quality homework writing services. All you need to do is provide us with all the necessary requirements of the paper and wait for quality results.
At My Homework Writers, we have highly qualified academic gurus who will offer great assistance towards completing your essays. Our homework writing service providers are well-versed with all the aspects of developing high-quality and relevant essays.
Admission and Business Papers
With Myhomeworkwriters.com, we will help you secure a position at your desired institution. Our essay writing services include the crafting of admissions papers. We will still help you climb your career ladder by helping you write the official papers that will help you secure a job. We will guide you on how to write an outstanding portfolio or resume.
Editing and Proofreading
Myhomeworkwriters.com has a professional editorial team that will help you organize your paper, paraphrase it, and eliminate any possible mistakes. Also, we will help you check on plagiarism to ensure that your final paper posses quality and originality.
My Homework Writers harbors professional academic writers from diverse academic disciplines. As such, we can develop homework writing services in all academic areas. The simplicity or complexity of the paper does not affect the quality of homework writing services.