Post ACC111 midterm exam
ACCOUNTING MID TERM Michael’s Plumbing Firm has the next transactions for the 12 months December 1 – Issued capital inventory for $50,000 to begin plumbing enterprise. December 1 - Paid gasoline expense $500. December 1 - Paid one 12 months insurance coverage premium costing $three,600. December 2 - Acquired $three,000 for job to put in plumbing system in January subsequent 12 months. December eight – Plumbing repairs for 3 homes totaling $15,000 and billed clients. December 10 - Bought tools costing $eight,400 on credit score. December 12 - Bought provides costing $900 on credit score. December 23 – Plumbing providers accomplished and billed to clients for $1,500. December 24 - Paid for tools bought on December 10th. December 28 - Acquired $2,000 for the repairs achieved on December eighth. December 31 - Paid a $1,000 dividend. Required: 1. Put together journal entries for the above transactions. Be certain to establish them as a by okay. 2. Put up the above transactions to T Accounts. three. Put together a Trial Stability. four. Put together adjusting entries in journal format and put up to T Accounts. Provides on Hand December 31 was $500. The Tools is to be depreciated over 48 months beginning with December. (HINT: Document one month depreciation expense). Wages owed however not paid on December 31 was $250. One month of insurance coverage has expired. 5. Put together an Adjusted Trial Stability. 6. Put together an Revenue Assertion, Assertion of Retained Earnings and a Stability Sheet. 7. Put together closing entries in journal format and put up to the T Accounts. eight. Put together a Put up-Closing Trial Stability.