Please explain how to complete the balance sheet and income statement given the following transactions.  Gordon Company started operations on January 1 of the current year. It is now December 31, the end of the current annual accounting period. The part-time bookkeeper needs your help to analyze the following three transactions:   During the year, the company purchased office supplies that cost $3,000. At the end of the year, office supplies of $800 remained on hand. On January 1 of the current year, the company purchased a special machine for cash at a cost of $25,000. The machine’s cost is estimated to depreciate at $2,500 per year. On July 1, the company paid cash of $1,000 for a two-year premium on an insurance policy on the machine; coverage began on July 1 of the current year.   Required: Complete the following schedule with the amounts that should be reported for the current year:           Selected Balance Sheet Accounts at December 31 Amount tobe Reported Assets   Equipment $800 Accumulated depreciation 25,000 Net book value of equipment (24,200) Office supplies 800 Prepaid insurance (1,000)             Selected Income Statement Accounts for the Year Ended December 31 Amount tobe Reported Expenses   Depreciation expense $2,500 Office supplies expense 2,200 Insurance expense 500

Prepare the journal entries

Listed below are selected transactions of Schultz Department Store for the current year ending December 31. 1. On December 5, the store received $500 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 2. During December, cash sales totaled $798,000, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. 3. 4. On December 10, the store purchased for cash three delivery trucks for $120,000. The trucks were purchased in a state that applies a 5% sales tax. The store sold 25 gift cards for $100 per card. At year-end, 20 of the gift cards are redeemed. Schultz expects three of the cards to expire unused. Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries relative to the transactions that would be required to present fair financial statements at December 31. Date each entry.…

In providing accounting services to small businesses, you encounter the following situations. Sunland Corporation rings up cash sales and sales taxes separately on its cash register. On April 10, the register totals are pre-tax sales of sales $6,100 plus GST of $305 and PST of $488. 2. Jennifer Corporation receives its annual property tax bill in the amount of $8,400 on May 31. (i) During the month of March, Ayayai Corporation's employees earned gross salaries of $60,000. Withholdings deducted from employee earnings related to these salaries were $3,254 for CPP, $948 for El, $7,820 for income taxes. (ii) Ayayai's employer portions were $3,254 for CPP and $1,327 for El for the month. 1. 3. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit…

Prepare the journal journies for a,b,c,d,e,& f please & thank you. Also prepare journal entries to record the first subsequent cash transaction in January of the next year for parts c and e thank you!

Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $80,000 of services on account. 2. Collected $48,000 cash from accounts receivable. 3. Paid $32,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Current 0 to 30 31 to 60 61 to 90 Over 90 days Amount $23,680 1,600 2,240 1,920 2,560 Percent Likely to Be Uncollectible 0.01 0.05 0.10 0.30 0.50 Allowance Balance Required a. Record the given transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1?