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3) Question: Sultan Co.; Opened for business on January 20, 2005. The company maintains the following Ledger accounts: {Service Revenue, Rent expense, utilities Expense, Cash,

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3) Question: Sultan Co.; Opened for business on January 20, 2005. The company maintains the following Ledger accounts: {Service Revenue, Rent expense, utilities Expense, Cash, Accounts Payable, Accounts Receivable, Office Supplies, Equipments, Capital stock}. 1. Feb. 20 the company Invested $50,000 in business. 2. Feb. 20 Paid $250 rent expense for the remainder of February 3. Feb. 21 Purchased office supplies for $200. The supplies will last for several months, and payment is not due until February 20. 4. Feb. 23 purchased office equipment for $15000 cash. 5. Feb. 27 Performed services and billed clients $2000. The entire amount will not be collected until March 4. 6. Feb. 29 Recorded $100 utilities expense. Payment is not due until April 20. Instructions: a. Record each of the above transactions in general journal form. b. Post each entry to the Ledger accounts. c. Prepare a trial balance dated on February 29, 2005

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