The following transactions pertain to Boykin Corporation for 2013: Jan. 1 Began operations when the business acquired $25,000 cash from the issue of common stock. Mar. 1 Paid rent for office space for two years, $8,400 cash. Apr. 14 Purchased $400 of supplies on account. June 30 Received $12,000 cash in advance for services to be provided over the next year. July 5 Paid $300 of the accounts payable from April 14. Aug. 1 Billed a customer $4,800 for services provided during July. 8 Completed a job and received $1,600 cash for services rendered. Sept. 1 Paid employee salaries of $18,000 cash. 9 Received $4,250 cash from accounts receivable. Oct. 5 Billed customers $17,000 for services rendered on account. Nov. 2 Paid a $500 cash dividend to the stockholders. Dec. 31 Adjusted records to recognize the services provided on the contract of June 30. 31 Recorded $1,100 of accrued salaries as of December 31. 31 Recorded the rent expense for the year. (See March 1.) 31 Physically counted supplies; $50 was on hand at the end of the period.Requireda. Record the preceding transactions in the general journal. b. Post the transactions to T-accounts and calculate the account balances. c. Prepare a trial balance. d. Prepare the income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows. e. Prepare the closing entries at December 31. f. Prepare a trial balance after the closing entries are posted.View Solution:
The following transactions pertain to Boykin Corporation for 2013 Jan



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