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can I get an answer with explanation plz Q1. Diana Pastore established a small business, Pastore Training Center, to teach spreadsheet analysis, word processing, and
can I get an answer with explanation plz
Q1. Diana Pastore established a small business, Pastore Training Center, to teach spreadsheet analysis, word processing, and other techniques on microcomputers. a) Pastore began by transferring the following assets to the business: b) Paid the first month's rent on a small storefront, $580. c) Purchased computer software on credit, $750. d) Paid for an advertisement in the school newspaper, $100. e) Received enrollment applications from five students for a five-day course to start next week. Each student will pay $200 if he or she actually begins the course. f) Paid wages to a part-time helper, $150. g) Received cash payment from three of the students enrolled in e, $600. h) Billed the two other students in e, who attended but did not pay in cash, $400. i) Paid the utility bill for the current month, $110. j) Made a payment on the software purchased in c, $250. k) Received payment from one student billed in h,$200. l) Purchased a second microcomputer for cash, $4,700. m) Transferred cash to personal checking account, $300. Required: 1) Set up the following T accounts: Cash; Accounts Receivable; Software; Furniture; Microcomputers; Accounts Payable; Diane Pastore, Capital; Diane Pastore, Withdrawals; Tuition Revenue, Wages Expense; Utilities Expense; Rent Expense and Advertising Expense. 2) Record the transactions by entering debits and credits directly in the T accounts, using the transaction letter to identify each debit and credit. 3) Prepare journal entries. 4) Prepare a trial balance using the current dateStep by Step Solution
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