1 Joseph Eetok, the owner, invested $20,000 cash into the business

And also invested a photography equipment with a fair value $42,000

1 Rented a studio, paying $12,000 for the next three months in advance.

5 Purchased Office Supplies for $1,800 cash

20 Received $9,200 in photography revenue

31 Paid $1,400 for August utilities

31. The owner brought 10,000 cash additional to the business. 6 marks

Part II General Ledger accounts and Trial Balance- 14 + 6 + 5 +4+5 =34 marks

Set up the Following Accounts (use the balance format): - Cash (101), Office Supplies (124); Prepaid Rent (131); Photography Equipment (167), Joseph Eetok, Capital (301); Photography Revenue (401) and Utilities Expense (690).

Post the above journal entries to the general ledger (Balance Column Format). Prepare The August 31,2017

Trial Balance

Income statement

Change in Equity

and Balance sheet.