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Business · Accounting
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1. In the General Journal provided below, record the following transactions for Kirkland Inc.

  1. Kirkland sold common stock for $15 in cash on January 1, 2013.
  2. The firm made $5 by providing consulting services to a customer on January 30, 2013. The customer paid $3 in cash and promised to pay the remaining $2 next month.
  3. Kirkland paid $4 cash for its operating expenses on January 31, 2013.In the General Journal provided below, record the following transactions for Kirkland Inc.

2. Post the journal entries from Exercise 1 For Kirkland Inc. to either a ledger or a series of T-accounts.

3. Use the ending balances from Exercise 2 to construct a trial balance for Kirkland, Inc.

Trial Balance

Accounts

Debit

Credit

Totals

4. Use the trial balance from Exercise 3 to construct the financial statements for Kirkland, Inc.

Kirkland, Inc.

Income Statement

For Month Ended January 31, 2013

Kirkland, Inc.

Statement of Shareholders’ Equity

For Month Ended January 31, 2013

Kirkland, Inc.

Balance Sheet

At January 31, 2013

Kirkland, Inc.

Statement of Cash Flows

For Month Ended January 31, 2013

   

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