The Woody Shore Company_Journal Entry to Financial statements

| December 7, 2017

5. The Woody Shore Company opened their doors to the business on August 31, 2014. The company incurred the following transactions during August 2014.August 1 The owners deposited $87,000 into the businessAugust 2 Purchased supplies on credit, total $800.August 2 Company purchased a 12 month insurance policy for their business $3,600August 3 Paid rent for their office $2,800August 5 Purchased equipment for $15,000 paid cash of $3,000 and signed a note with the bank for the remaining balance.August 9 Completed service for customers and issued invoices, $7,500August 14 Automobile expense for the company was $825August 15 Received cash from customer for services provided $2,800August 18 Paid monthly salary for the employees $4,000August 22 Paid first installment for note on August 5, 450August 25 Paid $300 on amount due from August 2August 30 Customers from August 9 sent you cash for $3,000August 31 Owners withdrew $2,100 from the companyRequired:a. Prepare the journal entries for the above transaction using the accounts in the Chart of Accounts; Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accounts Payable, Notes Payable, Capital, Owners Withdrawal, Insurance Expense, Rent Expense, Automobile Expense, Salary Expense .b. Create T accounts for all of the accounts and post the journal entries into the proper accounts.c. Compute the ending balances for each T Account.d. Prepare a Trial Balance as of August 31.e. Prepare the Income Statement, Statement of Owners Equity and the Classified Balance Sheet for the month of August 2013.

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