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Gnome Depot is a retail store that specializes in creating custom made garden gnomes, toys and other gnome-related products. During its first month of
Gnome Depot is a retail store that specializes in creating custom made garden gnomes, toys and other gnome-related products. During its first month of operations, January 2022, the following transactions occurred. Transaction Details The owner, Jerome Roam, invested $10,000 cash Purchased $2,500 worth of equipment on credit No. Date 1 January 1 2 January 10 3 January 12 4 January 14 Paid for expenses; $2,000 5 January 15 6 January 30 Performed services for a large customer and received $5,000 cash Completed services for a customer and sent a bill for $2,500 The owner withdrew $1,000 cash for personal use Account Number 1060 1200 1820 2100 The Chart of Accounts is as follows: Account Description Accounts Receivable Equipment Accounts Payable Cash 3010 Jerome Roam, Contributions (Capital) 3015 4200 Jerome Roam, Withdrawals Revenue 5000 Expenses Required: 1. 2. Journalize the January transactions on the General Journal sheets provided. Record the transactions in the T-accounts. /12 /12 3. Prepare a trial balance based on the T-account balances. 6
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