Order Accounting Cycle Assignment

Order Accounting Cycle Assignment
On January 1, 2022, Mr. Wild formed a corporation to provide services to clients. Information about the first year of operation follows:
Jan. 1 Investors provided $2,100,000 in cash in exchange for stock of The Wild Corporation.
Jan. 1 Purchased equipment in exchange for $430,000 cash and a $1,500,000 note payable at an annual rate of 5%, payable every 6 months.
Jan. 1 Purchased $70,000 of insurance that will cover the next 3 years. This was recorded as prepaid insurance.
Feb. 1 Purchased $10,000 of office supplies on account that will be needed during the upcoming year.
Mar. 15 Paid Salaries of $35,000.
Mar. 31 Billed customers for services in the amount of $325,000.
Apr. 15 Paid the vendor who sold Wild the office supplies on Feb. 1.
Apr. 30 Collected $155,000 on accounts receivable.
June 15 Paid salaries of $40,000.
June 30 Paid $12,000 for employee travel costs.
June 30 Paid $18,000 for a company party.
Order Accounting Cycle Assignment
June 30 Paid the interest due and $180,000 to reduce the balance of the note payable.
July 1 Billed customers for services provided in the amount of $250,000.
Aug 1 Collected $225,000 on accounts receivable.
Aug. 15 Purchased $15,000 of office supplies on account.
Sept. 15 Paid salaries of $65,000.
Sept. 30 Paid $27,000 for a customer appreciation event.
Sept. 30 Paid $49,500 for employee travel costs incurred by staff.
Dec. 1 Collected $92,000 as deposits from customers who contracted for 2023.
Dec. 31 Declared and paid a $50,000 dividend to shareholders.
The Wild Corporation uses the following accounts in it’s Chart of Accounts:
Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation
Accounts Payable
Interest Payable
Unearned Revenue
Notes Payable
Capital Stock
Retained Earnings
Dividends
Service Revenue
Salaries Expense
Order Accounting Cycle Assignment
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