Dearborn Co - note is also received. 23.12.2006 Because of...

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Dearborn Co. 1 02.12.2006 Dearborn Co. is established by two partners. The total cash invested in the company is 350.000 USD. 05.12.2006 Dearborn Co. started its operations as a consulting company and rented an office. First month’s rent 2.100 USD is paid. 08.12.2006 Office furniture and computers are bought for 32.000 USD on credit. 12.12.2006 One of the customers, Wabash Co, is billed in the amount of 17.000 USD for the consulting services. Both parties agreed on the collection date 2 weeks later from today. 15.12.2006 7.000 USD down payment is made by Dearborn Co., related with purchase on Dec. 8. 18.12.2006 An automobile is bough for 21.000 USD on a bank credit. 19.12.2006 9.000 USD collection is made from Wabash Co. For the remaining part of the receivable, a
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Unformatted text preview: note is also received. 23.12.2006 Because of a black-out happened during the previous night computer system is crashed. 1.300 USD paid for the restore. 24.12.2006 Michigan Co. is billed in the amount of 21.000 USD for the services rendered. The amount is collected fully. 31.12.2006 The interest accrued for the bank loan taken on Dec. 18. is 26 USD. 31.12.2006 Total of Utility bills 489 USD are paid. 31.12.2006 Wages of employees 16.000 USD is paid. Required: 1. Record all transactions in general journal 2. Post all records to general ledger 3. Prepare trial balance as of 31.12.2006 4. Prepare Income Statement and Balance Sheet 1 Copyright 2006, Kerem Sarioglu, Ph.D....
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