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Book renkes Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred
Book renkes Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2020, its first month of operations: July 1 The owner, Manny Gill, invested $4,000 cash. 10 Purchased $1,500 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $12,000 cash from the client. 14 Paid for expenses; $2,500. 15 Completed security services for a graduation event and sent the client a bill for $1,000. 31 The owner withdrew $150 cash for personal use. Required: 2. Record the journal entries for the month of July. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 July 01, 2020 Cash 5,100 Expenses 5,100 1 & 3. Post the July journal entries into your general ledger accounts. Include the date next to each number posted. Determine the balances. End.bal. End.bal. End.bal. End.bal. 101: Cash 150: Equipment 301: Manny Gill, Capital 401: Revenue End.bal. 106: Accounts Receivable 201: Accounts Payable End.bal. 302: Manny Gill, Withdrawals End.bal. End.bal. 501: Expenses 4. Prepare a trial balance using the balances in your general ledger accounts. WEST SECURE Trial Balance July 31, 2020 Account Title Debit Credit Totals $ 0 $ 0 5. Prepare an income statement, statement of changes in equity, and balance sheet based on your trial balance. WEST SECURE Income Statement For Month Ended July 31, 2020 WEST SECURE Statement of Changes in Equity For Month Ended July 31, 2020 Manny Gill, capital, July 1 Total Manny Gill, capital, July 31 Total assets WEST SECURE Balance Sheet 0 July 31, 2020 Assets Liabilities Equity 0 Total liabilities and equity $ 0
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