question 1 listed below are the transactions that occurred in september2006 9 1 the 4286941
1. Listed below are the transactions that occurred in September2006.
9/1 The company issued 500 shares of capital stock at $10 pershare.
9/2 Jackson Corporation borrowed $10,000 from the bank signing a3-month note at 12% annual interest.
9/3 $3,000 supplies were purchased on account.
9/4 Office furniture was purchased for $6,000 cash. Thefurniture is expected to have a ten-year life, with no residualvalue.
9/15 Wages for the first half of September were paid,$2,000.
9/17 The company billed customers $1,500 for servicesperformed.
9/20 $3,000 was received for services to be provided inSeptember and October.
9/23 $5,000 cash was received for services performed inSeptember.
9/27 The company collected $1,000 on account.
9/30 Declared and paid dividends, $1,000.
Additional information available at the end of SEptemberincludes:
k. $2,000 of supplies remains on hand.
l. Fees earned but not yet billed total $3,000.
m. By the end of September, the company had performed one-thirdof the services related to the 9/20 transaction.
n. At the end of September, employees were owed $2,000.
o. Hint: There are two more adjusting entries required ( 9/2 and9/4)
8. Prepare closing entries for Jackson Corp. Post the closingentries to the ledger accounts.