Accounts

BAC 211 Assignment 1. For non-school of business students. Due Date 1 October 2021 11hrs submit Via Moodle Chibwe opened a law office on July 1, 2020. On July 31, the closing leger balances were Cash K5, 000, Accounts Receivable K1, 500, Supplies K500, Equipment K6, 000, Accounts Payable K4, 200, and Owner's Capital K8, 800. During August, the following transactions occurred. 1. Collected K1, 200 of accounts receivable. 2. Paid K2, 800 cash on accounts payable. 3. Offered a service to the client which resulted in revenue of K7, 500 of which K3, 000 is collected in cash and the balance is due in September. 4. Purchased additional equipment for K2, 000, paying K400 in cash and the balance on account. 5. Paid salaries K2, 500, rent for August K900, and advertising expenses K400. 6. Withdrew K700 in cash for personal use. 7. Borrowed and received K2, 000 from the Bank 8. Incurred utility expenses for month on account K270. Required (a) Prepare the journal entries for the transaction that happened in August (b) Open Ledger accounts and post the opening balances and the journal entries for the transaction that happened in August (c) Prepare the trial Balance (d) Prepare an Income statement, owner's equity statement for August, and a Statement of Financial position at August 31. (e) Prepare the closing entries (f) Prepare the post-closing trial balance