Answered step by step
Verified Expert Solution
Question
1 Approved Answer
accounting cycle I need help with the trial balance and the adjusting entries and closing entries lb Office Supplies Expense Liabilities 211 Accounts Payable 212
accounting cycle I need help with the trial balance and the adjusting entries and closing entries
lb Office Supplies Expense Liabilities 211 Accounts Payable 212 Notes Payable 213 Salaries Payable 517 Photography Supplies Expense 518 Depreciation Expense-Office Equipment 519 Depreciation ExpensePhotography Equipment Depreciation Expense-Furniture and Fixtures 520 521 Utilities Expense 522 Miscellaneous Expense mpleted the following transactions during the first month of operations: 20X1 im invested $40,000 cash and photography equipment valued at $20,000 in the business. Jul. 1 1 J fuplis or ah, 51.300. tpaue 700. 1 Paid July rent, $1,700 1 Paid for a newspaper ad, $500. 2 Purchased office equipment on account, $6,750. 2 Paid property insurance for the upcoming year, $3,600. 3 Purchased a computer system and software, $3,200, by issuing a note payable. 5 Paid for promotional handouts, $150 6 Paid miscellaneous expenses, $175. Paid salaries of em yes, $1,40. 7 Recorded week's cast receipts for photo work, $1,350Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started