Preparing and posting journal entrieso; a a trial balance Barry Wells Management Group opens for business and completes these transactions in November.
Nov. 1 Barry Wells, the owner, invested \($30,000\) cash along with \($15,000\) of office equipment in the business.
2 Prepaid \($4,500\) cash for six months’ rent for an office. (Debit Prepaid Rent for \($4,500.\)
4 Made credit purchases of office equipment for \($2,500\) and of office supplies for \($600\). Payment is due within 10 days.
8 Completed work for a client and immediately received \($3,400\) cash.
12 Completed a \($10,200\) project for a client, who must pay within 30 days.
13 Paid \($3,100\) cash to settle the payable created on November 4.
19 Paid \($1,800\) cash for the premium on a 24-month insurance policy.
22 Received \($5,200\) cash as partial payment for the work completed on November 12.
24 Completed work for another client for \($1,750\) on credit.
28 Barry Wells withdrew \($5,300\) cash for personal use.
29 Purchased \($249\) of additional office supplies on credit.
30 Paid \($831\) cash for this month’s utility bill.
Required

I. Prepare general journal entries to record these transactions (use account titles listed in part 2).
2. Open the following ledger accounts—their account numbers are in parentheses (use the balance column format): Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128);
Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); B. Wells, Capital (301);
B. Wells, Withdrawals (302); Services Revenue (403); and Utilities Expense (690). Post the journal entries from part 1 to the ledger accounts and enter the balance after each posting.
3. Prepare a trial balance as of the end of November.