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Business · Accounting
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BUSINESS TRANSACTIONS for the Month olDecember. a 12-1 The Shark Corp Received S220.000 from SJ Sharkie in exchange for 5,000 shares of Common Stock. 12-2 The Shark Corp Bomowed$45,000 from Wells Fargo Bank and signed a Note. 12.3 The Shark Corp purchased Office Furniture for $120,000(5 year life), on account from lKEA.. 12-4 The Shark Corp purchased Computer Equipment for $60,000(5 year life on account from Office Depot ,12-5 The Shark Corp paid $18,000 with Check#101 for Corporate Insurance for the next 12 months.(Dec-Feb) o12-10 The Shark Corp paid$20,000 with Check 102 for December Rent. 12-11 The Shark Corp provided a mascot Seminar for the NIKE Corp and Billed Nike $120,000 on account. 12-15 The Shark Corp received the December Utility Bill from PGE in the amount of $5,000 to be paid in Jan 12-16 The Shark Corp received the December Telephone Bil from SBC for $6,000 to be paid Later. 12-17 The Shark Corp received a S70.000 Check from Nike Corp on account for services previously provided. 12-20 The Shark Corp paid $10,000 with check H103 to Marks Marketing for Professional Fees Expense. 12-25 The Shark Corp paid $44.000 with Check #104 for December salary expenses. 12.27 The Shark Corp received a $25.000 Check from Buick Corp for services to be provided in January. au 12-28 The Shark Corp Paid S120,000 with Check#105 to IKEA Corp for the Office Furniture purchased above. 12-29 The Shark Corp Paid $6,000 with Check #106 to SBC on account for the Telephone Bill. 12-30 The Shark Corp Paid $12,000 with Check#107 to Mr. SJ Sharkie for Dividends to the owner 12.30 The Shark Corp paid $3.000 with check #108 to WF Bank on the note, $1.000 was for Interest Expense. 12-31 The Shark Corp recorded one Month of Insurance expense from the Prepaid Insurance account. 12-31 The Shark Corp recorded one Month of Depreciation Expense on the Fumiture and the Computer Equip. 12.31 The Shark Corp recorded Income Tax Payable and Income Tax Expense for December. which is 40% of Net Income (Taxes to be discussed in class) Prepare accounting journal, record all accounting entries based on the transactions below into the journal using the proper journal format(include explanations and calculations). Prepare the general ledger/T accounts to post all transactions in general ledger accounts. Prepare an adjusted trial balance with debits and credits and totals.Prepare an income statement for the month ended in 12-31. Prepare retained earnings statement for the month ended 12-31. Prepare a balance sheet as 12-31

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