Accounting Problem INSTRUCTIONS 1 Journal the following entries General Ledger 2 Post the entries to the General ledger Cash Ref Debit Credit Balance 2 Post the entries to the General ledger 3 Prepare a Trial Balance Equipment Ref Debit Credit Balance 4 Prepare the Financial Statements Janet Younger started a business using $100,000 of her own money. Younger 1 opened a checking accounting and deposited all the funds there. 2 Wells purchased $5,000 of equipment and paid cash Wells purchased $6,000 more equipment on account. Office plus extended her 3 credit for the new computer. 4 Wells hired two new employees at a salary of $48,000 each. Supplies 5 Wells purchased supplies for $500 in cash. Ref Credit Balance Debit - 5 6 Wells paid $2,500 in cash to Office Plus for the computer. 7 Wells rented office space paying $8000 in rent for January and February. 8 Received $36,000 in cash for services provided to clients. Performed more services for $11,000 and agreed the customer, Moe, could pay 9 in two weeks. 10 Moe sent in a check for $6,000 on the balance he owned. The firm paid salaries of $8000 for the month. Accounts Receivable Ref Debit Credit Balance Prepaid Rent Ref Debit Credit Balance 12 The firm paid utilities of $650 13 Janet Younger took a draw of $5000 for personal use. 1 Journal the Entries use the lines below to complete the journal entries J: 1 Journal the Entries use the lines below to complete the journal entries Accounts Debit Credit Draw Ref f Capital Ref Debit Credit Balance Credit Balance Debit - 13 ------------------------- Accounts Payable Ref Debit Rent Expense Ref Debit Credit Balance Credit Balance Salary expense Ref Debit 11 - Credit Sales Ref Balance Debit Credit Balance 8 9 Utility Expense Ref Debit 12 Credit Balance 3 Prepare the Trail Balance from the General Ledger ending balances TRIAL BALANCE - DR CR Cach Cash Equipment Accts Rec Supplies Ppd Rent Capital Sales Rent expense Salary expense Utility Expense Draw Totals 4 Check figure 150500 Prepare the financial statements from the trial balance Income statement Sales Expenses Rent expense Salary expense Utility Expense Total expenses Prepare the financial statements from the trial balance Income statement Sales Expenses Rent expense Salary expense Utility Expense Total expenses Net Income Statement of owner equity Beginning capital +net income - Draw Ending equity Liabilities Accounts pay Balance Sheet Assets Cash Equipment Accts Rec Supplies Ppd Rent Total Assets Ending equity check these two numbers should be same