Business Finance Homework Help

Question 1

Oct 1	Received $28,000 cash from shareholders in exchange for common stock.
2	Purchased supplies costing $1,900 on account from Solo Suppliers.
3	Paid $3,400 cash for October rent for office space.
6	Purchased equipment costing $18,000. Paid $6,000 cash and signed a promissory note for the remainder due.
8	Performed services and billed customers for $7,300.
10	Purchased a one-year insurance policy for $900 cash.
12	Performed services and received $8,900 cash from customers.
14	Made a $1,900 cash payment on account to Solo Suppliers (related to the October 2 transaction).
18	Received a $4,700 cash advance from a customer for services to be performed for the customer beginning on November 1.
21	Borrowed $3,000 cash from the bank and signed a promissory note for the amount due.
25	Received $5,100 cash on account from previously billed customers.
29	Declared and paid $1,700 cash dividends to shareholders.
30	Paid cash for employees salaries for October totaling $2,900.
31	Received a utility bill for October for $700–the bill will be paid in November.

With this information make a general Journal, general ledger and a trial balance.

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Question 2.

Following is the trial balance of Flynn Corporation on December 31:

Flynn Corporation Trial Balance December 31, 2021
Accounts	Dr	Cr
Cash	8,700
Accounts Receivable	9,200
Supplies	1,850
Prepaid Insurance	2,640
Equipment	48,000
Accumulated Depreciation-Equipment		9,000
Accounts Payable		6,040
Notes Payable		10,000
Unearned Service Revenue		2,450
Common Stock		25,000
Retained Earnings		11,200
Dividends Declared	8,000
Service Revenue		74,200
Salaries Expense	38,900
Advertising Expense	12,400
Utilities Expense	8,200
Totals	137,890	137,890

The additional following information is available on December 31:

1. Accrued interest on the note payable on December 31 is $800.
2. On August 1, 2021, Flynn had received a $2,450 cash advance from a customer for 7 months of services to be performed beginning on August 1, 2021.
3. Supplies costing $550 remain on hand on December 31.
4. Depreciation on the equipment is $3,000 per year.
5. Accrued salaries on December 31 are $900.
6. Services performed but unrecorded on December 31 are $1,100.
7. On June 1, 2021, Flynn had purchased a 1-year insurance policy costing $2,640. The effective date of the policy was June 1, 2021.

With this information Prepare the required adjusting journal entries for December 31, 2021 in the attached general journal file, assuming that Flynn prepares adjusting entries annually (once each year) on December 31. Save your file and then upload your saved file here.

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Question 3:

Following is the adjusted trial balance of Rey Corporation on December 31, 2021:

Rey Corporation Adjusted Trial Balance December 31, 2021
Accounts	Dr	Cr
Cash	8,200
Accounts Receivable	5,600
Supplies	1,200
Prepaid Insurance	400
Equipment	13,500
Accumulated Depr.-Equipment		9,000
Buildings	20,000
Accumulated Depr.-Buildings		6,000
Land	4,000
Accounts Payable		4,800
Notes Payable (90 day)		1,500
Salaries Payable		600
Interest Payable		300
Unearned Delivery Revenue		1,300
Notes Payable (25 year)		9,000
Common Stock		12,000
Retained Earnings		9,600
Dividends Declared	7,000
Packaging Revenue		52,400
Delivery Revenue		38,900
Salaries Expense	45,000
Advertising Expense	8,800
Interest Expense	1,200
Supplies Expense	18,200
Insurance Expense	7,400
Depreciation Expense	1,800
Utilities Expense	3,100
Totals	145,400	145,400

• Compute the following amounts:

1. Total Revenue
2. Total Expense
3. Net Income
4. Total Retained Earnings
5. Total Current Assets
6. Total Property, Plant and Equipment Assets
7. Total Assets
8. Total Current Liabilities
9. Total Long-Term Liabilities
10. Total Liabilities
11. Total Stockholders’ Equity
12. Total Liabilities and Stockholders’ Equity

• On the post-closing trial balance, the total debit amount would be
• On the post-closing trial balance, the total credit amount would be

WIth this information make a general journal and T-accounts