Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. G. Willickers started a consulting business on Jan 1 of this year Transactions during the first month are as follows. Required: Journalize, post

image text in transcribedimage text in transcribed

1. G. Willickers started a consulting business on Jan 1 of this year Transactions during the first month are as follows. Required: Journalize, post to T accounts and prepare a trial balance Amount 1-Jan Invests in business $30,000 2-Jan Pays 3 mos rent on commercial space 3,000 5-Jan Purchases prepaid insurance for three months 1,800 9-Jan Purchases supplies on account 2,100 10- Receives cash for consulting services Jan rendered to ABC 4,500 12- Pays salaries of 3,600 Jan 14- Purchases equipment on a note 6,000 Jan payable 15- Pays advertising for Jan 900 Jan 20- Renders consulting to XYZ and bills Jan them 9,600 28- Pays on Accts Payable from 1/9 2,100 Jan transaction 30- Pays salaries 3,600 Jan 30- Jan Withdraws cash for personal use 2,400 Jan Receives cash from 1/20 transaction 2,100 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information System

Authors: James A. Hall

7th Edition

978-1439078570, 1439078572

Students also viewed these Accounting questions