159. Leonard Matson completed these transactions during December of the current year: Dec. 1 Began a financial services practice by investing $15,000 cash and office equipment having a $5,000 value. 2 Purchased S1,200 of office equipment on credit. 3 Purchased $300 of office supplies on credit. 4 Completed work for a client and immediately received a payment of S900 cash. 8 Completed work for Acme Loan Co. on credit. $1,700. 10 Paid for the supplies purchased on credit on December 3. 14 Paid for the annual S960 premium on an insurance policy. 18 Received payment in full from Acme Loan Co, for the work completed on December 8. 27 Leonard withdrew S650 cash from the practice to pay personal expenses. 30 Paid $175 cash for the December utility bills. 30 Received $2,000 from a client for financial services to be rendered next year. Prepare journal entries to record these transactions. Please see the answer of December 1 journal entry and follow the same format. Answer: Dec. 1 *** 15,000 5,000 Cash Office Equipment L Matson, Capital. Owner invested in business. 20,000 Please continue your journal entry... Sal's Beauty Shop Trial Balance December 31 $6,500 475 2,500 17,000 Cash Accounts receivable Beauty supplies..... Beauty shop equipment. Accounts payable Sal Style, Capital.......... Sal Style, Withdrawals........ Revenue earned Beauty supplies expense Rent expense.... Wages expense Totals $ 745 21,155 36,000 72,000 3,425 6.000 22.000 $93.900 $93.900 170. The balances for the accounts of Mike's Maintenance Co. for the year ended December 31 are shown below. Each account shown had a normal balance. Wages expense.. Rent expense. 36,000 6,000 Accounts payable Accounts receivable... Cash.................. Maintenance supplies. Building. Supplies expenses S 6,500 7,000 9.500 1,200 125.000 21,500 50,000 Mike Capital........... Maintenance revenue. 118,700 175,000 Land. Uncarned maintenance fees Mike, Withdrawalse 4,000 48,000 Please prepare a trial balance