ACC - Prepare journal entries Solution Worksheet

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Instructions: Use the following transactions listed below to prepare the following:
a) Prepare journal entries for each of the following transactions 
b) Post to general ledger
c) Prepare preliminary (initial) trial balance
d) Prepare any adjusting journal entries
e) Prepared adjusted trial balance
f) Prepare an income statement, statement of retained earnings and balance sheet in good form
g) Prepare closing entries
h) Prepare post-closing trial balance

Transactions for SoHo Company for the month of April 2012

1 April 1st - Investment by owners $200,000
2 April 2nd - Company purchased supplies on account for $10,000
3 April 5th - Purchased equipment for cash $30,000
4 April 6th - Provided servics for cash $20,000
5 April 10th - Paid $5,000 for salaries and wages
6 April 11th - Purchased office equipment for $8,000 and financed the purchase signing a 5% note.
7 April 15th - Purchased land for cash to be used in the business for $25,000
8 April 16th - Purchased a delivery van for $18,000 cash
9 April 18th - Provided services on account $100,000
10 April 20th - Paid for 12 -month insurance policy in advance $3,600
11 April 20th - To record monies received in advance for services to be rendered $15,000
12 April 21st - Purchased a building for $250,000 to be used in the business signing a 30 year fixed-rate mortgage
13 April 30th - Recorded interest payable of $4,000 (adjusting entry)
14 April 30th - Recorded adjusting entry for $4,000 depreciation on building (adjusting entry)
15 April 30th - Recorded the expiration of one-month's insurance that was prepaid in transaction 1 above

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    ACC - Prepare journal entries Solution Worksheet

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