accoutning homework help 494349

6550 Fall 2013 Exercise #1 The following is the post-closing trial balance for the Patrick’s Manufacturing Corporation as of December 31, 20X0. The following transactions occurred during January 20X1: Jan. 1    Sold merchandise for cash, $3,500. The cost of the merchandise was $2,000. The company uses the perpetual inventory system. 2    Purchased equipment on account for $5,500 from the Strong Company. 4    Received a bill of $150 from the local newspaper for an advertisement that appeared in the paper on January 2. 8    Sold merchandise on account for $5,000. The cost of the merchandise was $2,800. 10    Purchased merchandise on account for $9,500. 13    Purchased equipment for cash, $800. 16    Paid the entire amount due to the Strong Company. 18    Received $4,000 from customers on account. 20    Paid $800 to the owner of the building for January’s rent. 30    Paid employees $3,000 for salaries for the month of January. 31    Paid a cash dividend of $1,000 to shareholders. Required: Use the horizontal model to record the transactions Prepare general Journal entries to record each transaction. Prepare an income Statement Prepare a balance sheet. Resources 4031980000869394 8/16??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????