Question
At the beginning of July 2021, Vector Enterprises started operations. The owner, Melvin Braveheart, hired some employees, and had the following transactions occur in the
At the beginning of July 2021, Vector Enterprises started operations. The owner, Melvin Braveheart, hired some employees, and had the following transactions occur in the first month:
Jul 01 - The owner, Melvin Braveheart, created the company by investing $42,857 cash, a work truck worth $68,664 and $4,992 of office supplies including pens, sticky notes, and blank invoices.
Jul 04 - The company purchased $4,628 of liability insurance (one year policy) on account.
Jul 08 - The company acquired heavy equipment worth $3,556 for cash.
Jul 20 - Customers of Vector Enterprises paid $16,871 for services provided so far this month.
Jul 20 - Melvin Braveheart told the bookkeeper to pay the employees $9,106 for their work this month.
Jul 25 - The company performed repairs on equipment for $358.
Jul 27 - The owner withdrew $7,166 for personal use.
REQUIRED: 1. Prepare journal entries using the accounts provided in the general ledger. Ensure that your journal entries are in proper format. (10 marks) 2. Post the journal entries to the accounts in the general ledger. (10 marks) 3. Prepare the unadjusted trial balance. (8 marks)
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