James, the owner James Inc, invested $60,000. in the corporation to purchase 1000 shares of stock with a $1.00 par value.
The company received $2,016. for a four-year technical service subscription, to be earned proportionally over the next 4 years, and credited a liability account.
Inventory purchases of $12,000 were made on account to the Albert Company, and an asset account was debited. The invoice was paid on February 27
the company had cash sales of $18,400.
James purchased a 12-month insurance policy for $1200.
A check for $1,600. was sent to Mary CPA for professional services.
company purchased 50 shares of Harry Inc stock as an investment in marketable securities, and paid $2200.
The company purchased office supplies of $188.00 and debited the Office Supplies Inventory account.
the company bought land for $8,500.
the company loaned $4,400. to another company on a 9%, one-year note.
James borrowed $10,000. on an 8%, one-year note.
the company sold 500 shares of its $1.00 par value stock for $16,200. the company bought $280. of office supplies from Staples.
An invoice for maintenance and repairs of $467. was paid.
Utilities expense of $572. was paid on May 23
the company rented a piece of land from another company for $2,664. for a three-year time period. James paid in full and charged an expense account on August 23. the company sold land that had originally cost $8,500. for $10,000. cash.
James had cash sales of $16,400.
James paid $1000.00 for 2 months’ rent in advance.
In December a customer paid $2,000.00 in advance for merchandise that will be shipped in 2015.
the company received and deposited a check for $152.00 in dividend income from the Harry Inc.
The inventory value at December 31, 2014 is $2,300. $720.00 of wages have accrued as of December 31.
At the end of the year, there was $46.00 of office supplies on hand.
The Harry Inc. stock has a value of $3,500.00 at 12/31.
Using a general journal format, prepare for the James Inc: a. Journal entries b. Adjusting entries
c. Adjusted trial balance d. Closing entries