The writer is very fast, professional and responded to the review request fast also. Thank you.
Libra, Inc. has been in business since the beginning of 2018. Jim Nasium is the CEO and President of the company. Libra has already recorded many transactions for the month of September and now wants to prepare its financial statements for the month. The following accounts and balances were drawn from its accounting records at September 30, 2018. You can assume the temporary accounts were properly closed at the end of August.
Account
Balance:
Accounts Payable
9,800
Accounts Receivable
0
Advertising Expense
12,400
Cash
11,500
Common Stock (beginning and ending of month)
50,000
Dividends (paid out)
20,000
Insurance Expense
0
Interest Revenue
3,200
Land
102,000
Notes Payable
30,000
Prepaid Insurance
12,800
Rent Expense
36,000
Retained Earnings (beginning of month)
32,400
Service Revenue
104,400
Supplies
11,600
Supplies Expense
0
Unearned Service Revenue
15,000
Wages Expense
38,500
Wages Payable
0
Use The following information to make necessary month-end adjusting entries for the company.
1) The company used $9,200 of the supplies purchased during the month.
2) One-half of the Prepaid Insurance was used during the month.
3) Employees of the company earned an additional $2,400 since the last pay day. (the next pay day is in October)
4) The company provided services to its customers in the amount of $14,200 for which it has not yet been paid (this is in addition to the amounts previously received and recorded).
5) The company earned $5,000 of the previously unearned service revenue during the month.
Required: Use the preceding information to make an income statement, a statement of changes in stockholders’ equity, and a balance sheet for the company for the month of September 2018.
Show more
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more