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John’s House Painting Company has the following transactions for the year




1.  December 1 – Issued capital stock for $100,000 to start a house painting                                              business. 




2. December 1 – Paid one year insurance premium costing $4,800.           




3.  December 1 – Paid gas expense $200.




4.  December 1 – Purchased equipment costing $4,800 on credit.




5.  December 12 – Purchased supplies costing $800 on credit.




6.  December 18 – Painted three houses totaling $12,000 and billed customers. 




7.  December 23 – Painted three rooms and billed customers $500.




8.   December 28 – Received $2,000 for houses painted in #6.




9.  December 31 – Paid for equipment purchased in #4.




10.  December 31 – Received $1,000 for a job to paint a house in January next year.




11.  December 31 – Paid a $1,000 dividend.








1.  Prepare journal entries for the above transactions.  




2.  Post the above transactions to T Accounts.




3.  Prepare a Trial Balance.




4.  Prepare adjusting entries in journal format and post to T Accounts.




Supplies on Hand December 31 was $400.




The Equipment is to be depreciated over 48 months starting with December. 


(HINT;             Record one month depreciation expense).




Wages owed but not paid on December 31 was $200.




One month of insurance has expired. 




5.  Prepare an Adjusted Trial Balance.




6.  Prepare an Income Statement, Statement of Retained Earnings and a Balance Sheet.




7.  Prepare closing entries in journal format and post to the T Accounts.




8.  Prepare a Post-Closing Trial Balance.


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