Instructions: Prepare the journal entries for the following transactions.After completing the journal entries, post the transactions to the ledger (t-accounts) and create an adjusted trial balance.Create the income statement, statement of retained earnings, and balance sheet for the following company.This is the first year of operations for Fielder Corporation, a merchandise corporation that specializes in baseball apparel.
the book is just for how to do it (Financial Accounting, 1st Edition, Jeffrey Waybright, Robert Kemp, ISBN-10: 013606048X) there is nothing on the book.
1-2-12:Issued 1000 shares of common stock for $50 per share, the par value of the stock is $1.00 each.(chapter 10, page 491-492).
1-2-12:Purchased equipment costing 10,000, paying cash.The equipment will have a useful life of 4 years and no salvage value, the company uses the straight-line method of depreciation.(chapter 8, page 392)
1-3-12: Purchased 500 jerseys on account for $20 each.Fielder Corporation will resell these jerseys in the future and uses the FIFO method.(chapter 5, page 239).
1-3-12: Issued $25,000 of 4% bonds at par that mature on January 3, 2022.The bonds pay interest on July 1, and January 1 of every year.(chapter 9, page 451).
1-31-12: During the month of January sold 100 jerseys on account for $50 each and 300 jerseys for cash at $50 each. (chapter 4, page 182).
1-31-12: Fielder Corporation uses the percent of sales method to estimate uncollectible accounts.Fielder estimates that 5% of credit sales will be uncollectable.(chapter 7, page 335)
1-31-12:Fielder Corporation had sales returns of 5 jerseys.Fielder refunded the customer the cash paid.(chapter 4, page 183-184).
1-31-12: Paid cash salaries of 5,000 to employees for the month of January.In addition, paid $2,000 for utilities on 1-31-12 for the month of January.(chapter 2, page 65)
1-31-12: Record the depreciation for the equipment for the month of January.(chapter 8, page 395)
1-31-12: Record the interest expense for the note payable for the month of January. (chapter 9, page 451)
1-31-12: Declared and paid a cash dividend on 1-31-12 of $2.00 per share. (chapter