Question
1. Journalize each of the following transaction in the General Journal provided 2. Create appropriate T-Accounts for the General Journal above 3. Post T-Accounts
1. Journalize each of the following transaction in the General Journal provided 2. Create appropriate T-Accounts for the General Journal above 3. Post T-Accounts to a Trial Balance Transaction 1: On January 1, 2011, Carol Finlay formed a new interior-design business by investing $10,000 of her personal funds into the business. The cash was deposited into a bank account opened under the name of Finlay Interiors. The following transactions took place from January 1 to January 31: Transaction 2: On January 1, Finlay Interiors used $2,500 of its cash to purchase supplies Transaction 3: On January 1, Finlay Interiors purchased additional supplies at a cost of $1,100 and furniture at a cost of $6,000, ON CREDIT from CanTech Supply Company. Finlay Interiors will pay for the supplies in 30 days, but has arranged to pay for the furniture by signing a note payable. Transaction 4: On January 10, Finlay Interiors provided consulting services to a dentist and immediately collected $2,200 cash. Transaction 5: On January 10, Finlay Interiors paid $1,000 rent for the month of January. Transaction 6: On January 14, Finlay Interiors paid $700 salary to the business's only employee. Transaction 7: On January 14, a customer and Carol Finlay sign a $65,000 contract that requires Finlay Interiors to do the interior design for an office building currently under construction. Finlay Interiors is expected to perform the services during February and March. Transaction 8: On January 15, Finlay Interiors provided consulting services and rented furniture to a customer and billed the customer $1,600 for the consulting services and $300 for the rental of the office furniture.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
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](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started