Calculation of retained earnings Assignment
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Learning Goal: I’m working on a accounting question and need an explanation and answer to help me learn.
On 1 July 2021, Sally Ltd started a business to provide repair services to its clients. Transactions in July are as follows:
a. On 1 July 2021, Sally Ltd issued 5,000 shares of common stock to stockholders at a par value of $0.10 each. Cash of $50,000 and buildings of $80,000 were received from stockholders for the purchase of common stock.
b. On 8 July 2021, Sally Ltd received cash of $100,000 for repair services to be performed.
c. On 15 July 2021, Sally Ltd purchased office supplies of $5,000 on account.
d. On 18 July 2021, Sally Ltd performed repair services of $60,000 on credit to its clients.
e. On 19 July 2021, Sally Ltd paid insurance premium of $50,000 for insurance covering the period from 1 August 2021 to 31 July 2022.
f. On 20 July 2021, Sally Ltd signed a contract with its clients for services of $60,000 to be performed.
g. On 20 July 2021, Sally Ltd performed repair services of $30,000 in cash.
h. On 25 July 2021, for cash of $100,000 received in (b), Sally Ltd had refunded $20,000 cash to its clients.
i. On 31 July 2021, Sally Ltd had performed repair services owed to its clients in July.
j. On 31 July 2021, Sally Ltd had purchased a van for her personal use using her personal savings account.
k.On 31 July 2021, Sally Ltd had declared dividend of $1 per share of common stock.
l. On 31 July 2021, Sally Ltd had incurred wages of $200. The wages will be paid on 7 August 2021.
m. On 31 July 2021, Sally Ltd found that office supplies of $2,000 had been used.
Required:
1. Prepare journal entries for transactions a) – m) for Sally Ltd in July 2021. If no journal entries are required, state ‘No journal entries’. Narrations are not required.
2. Calculate the ending balance of retained earnings in July 2021. You are required to show your calculations.
Requirements: Long and impactful | .doc file
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