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COMPREHENSIVE PROBLEM On August 1, Bass Business Services was established. These transactions were completed during the month -1. Stockholders invest $86,000 in cash in starting
COMPREHENSIVE PROBLEM On August 1, Bass Business Services was established. These transactions were completed during the month -1. Stockholders invest $86,000 in cash in starting Bass Business Service Inc, operating as a corporation. 2. Hired a Bookkeeper and Onice Manager, monthly salary $2,000 for the Bookkeeper and $2,000 for the Office Manager, they will be paid monthly. 2. Purchased $800 of office supplies on account. 5. Purchased equipment for $20,000, paying $8.500 in cash and balance on Account 7. Billed clients for services amounting to $19.850. 8. Paid $1,500 in cash for the current month's rent. 10. Paid $400 cash on account for office supplies purchased on August 200 12. Received a bill for $900 for advertising for the current month due September 16. Paid $4,000 cash for office salaries. 20. Paid S1,500 cash dividends to stockholders. 23. Received cash from client for service 56,200 27. Received a check for $11,125 from clients in payment on account for accounting services billed on August 70 The company uses these accounts: Cash, Accounts Receivable, Office Supplies, Equipment, Accounts Payable, Common Stocks, Dividends, Service Revenue, Rent Expense, Advertising Expense, and Salaries Expense. Instructions a. Joumalize the Transactions using the dates b. Post to the Ledger T-Accounts c. Prepare a Trial Balance
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