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Company Name: Lambda Media Issued common stock for $70,000. Purchased video production equipment for $30,000 cash. Paid $2,400 for office rent. Billed clients $18,000 for

Company Name: Lambda Media

  1. Issued common stock for $70,000.
  2. Purchased video production equipment for $30,000 cash.
  3. Paid $2,400 for office rent.
  4. Billed clients $18,000 for media services.
  5. Paid $1,700 for utilities.
  6. Received $14,000 from clients billed earlier.
  7. Purchased media supplies for $900 on account.
  8. Paid salaries of $5,000.
  9. Paid $600 for advertising.
  10. Received $6,000 from a shareholder.

Requirement: Record the above transactions in the general journal and prepare a trial balance.

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