P3-2 Miloslav began a magazinedelivery service, which he named Miloslav’s Magazines, on January1, 20

P3-2    Miloslav began a magazinedelivery service, which he named Miloslav’s Magazines, on January1, 2001. The following transactions occurred during 2001: a. Sold stock for $3,000 cash on January 1. b.         Borrowed $20,000cash on April 1. The interest rate on the loan is 12% annually, andthe interest is due each December 31, until the note is repaid. c.         Bought a bicyclefor $1,000 cash on January 1. The bicycle has an estimated life offive years, and no salvage value. d. Bought 10,000 magazines for $2.00 cash each on April 5. e.         Sold magazinesat various times for a total of $22,500. All sales were onaccount. f. Collected $20,500 from customers. g. Paid himself a salary of $3,000 cash. h. Paid the stockholders a dividend of $50 on the $3,000 instock. i. Paid the interest on the loan in b. j.          OnDecember 31, Miloslav determined by a physical count that therewere 1,000 magazines left in the storage bin at the warehouse.
Required Prepare journal entries for the abovetransactions. Post the journal entries to appropriate T-accounts.Prepare any necessary adjusting and closing entries needed atDecember 31, 2001. Prepare a December 31, 2001 balance sheet and anincome statement for the year ended December 31, 2001. . . .

 

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