MiraCom incurred the following transactions during July 2014, its first month of operations: July 1 The owner,

Question:

MiraCom incurred the following transactions during July 2014, its first month of operations:
July 1 The owner, Mira Delco, invested $5,000 cash.
10 Purchased $2,500 worth of equipment on credit.
12 Performed services for a client and received $10,000 cash.
14 Paid for expenses; $3,500.
15 Completed services for a client and sent a bill for $1,500.
31 The owner withdrew $250 cash for personal use.
Required
1. Create a General Ledger by setting up the following accounts: Cash, 101; 106; Equipment, 150; Accounts Payable, 201; Mira Delco, Capital, 301; Mira Delco, Withdrawals, 302; Revenue, 401; Expenses, 501.
2. Journalize the July transactions in the General Journal.
3. Post the July transactions from your General Journal into your General Ledger accounts.
4. Prepare a trial balance based on the balances in your General Ledger accounts.
5. Prepare an income statement, statement of changes in equity, and based on your trial balance.
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