This paper concentrates on the primary theme of ACCOUNTS INCLUDED IN THE TRIAL BALANCE OF THE JOHN SAUL CORPORATION AS OF NOVEMBER 30, 2015 WERE… in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.
Accounts included in the trial balance of the John Saul Corporation as of November 30, 2015 were as follows:
The following transactions were completed during the month of December:
2 Paid $200 of the accounts payable
3 Collected in full an account receivable of $700
4 Purchased equipment for $500 cash
5 Billed customers for $2,000 of services provided in December Issued additional shares for $20,000 cash
10 Collected $1,500 owing from a customer
11 Purchased equipment for $25,000; paid $5,000 cash, the balance to be paid within 30 days (recorded as accounts payable)
15 Paid salaries of $1,000
16 Paid $600 of the accounts payable
20 Paid $15,000 cash in partial settlement of the liability of December 11; issued a note payable for the balance
24 Paid utilities of $50
30 Received a bill for December telephone services
31 Collected in full an account receivable of $400
31 Paid salaries of $1,000
31 Transferred $500 prepaid rent to rent expense for December
31 Received $1,000 cash for services to be performed in January 2016.
1. Open general ledger T-accounts for the accounts listed in the trial balance above. Add accounts and account numbers as follows:
2. Enter the November 30 balances and ensure total debits equal total credits. Journalize the December transactions.
3. Post the December entries and determine the balances for each general ledger account at December 31.
4. Prepare a trial balance as at December 31, 2015. Ensure total debits equals total credits.
5. Prepare an income statement and statement of changes in equity for the month ended December 31, 2015 and a balance sheet as at December 31, 2015.