Daniel Luu is an entrepreneur who started the Martini Catering Company. He incurred the following transactions for the month of March, 2021 (in his first month of operations):

March

1 The owner, Daniel Luu, invested $8,000 cash into the catering business

6 Purchased $1,200 food inventory on credit

12 Purchased $2,000 for equipment cash

20 Performed a catering event and was paid $5,000 cash

21 Paid for marketing expenses $500

22 Paid wages expense for $800

24 Completed a catering event and sent a bill to a client for $2,000

1. Daniel Luu is an entrepreneur who started the Martini Catering Company. He incurred the following transactions for the month of March, 2021 (in her first month of operations):

   March

   1 The owner, Daniel Luu, invested $8,000 cash into the catering business

   6 Purchased $1,200 food inventory on credit

   12 Purchased $2,000 for equipment cash

   20 Performed a catering event and was paid $5,000 cash

   21 Paid for marketing expenses $500

   22 Paid wages expense for $800

   24 Completed a catering event and sent a bill to a client for $2,000

   Required:

   1.Set up the following general ledger accounts using the T-account format: Cash, 101; Accounts Receivable, Food Inventory, 115; 106; Equipment, 150; Accounts Payable, 201; Nicole Chuchmach, Capital, 301; Revenue, 401; Marketing Expense, 521, Wages Expense, 520.

   2.Record the journal entries for the month of March.

   3.Post the July journal entries into your general ledger accounts. Include the date next to each number posted. Determine the balances.

   4.Prepare a trial balance using the balances in your general ledger accounts.

   5.Prepare an income statement, statement of changes in equity and a balance sheet.

   Answer:

   The general ledger cash balance is (...). The trial balance is (...). The profits for the Daniel Luu Catering Company in March are (...). The Daniel Luu, capital, March 31 is (...).