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Help please!!! Lamar's Fortune 100 Company completed the following transactions during the month of February 2022. Mrs. Seahawk is the owner/CFO. You are the new
Help please!!!
Lamar's Fortune 100 Company completed the following transactions during the month of February 2022. Mrs. Seahawk is the owner/CFO. You are the new accountant. Mrs. Seahawk has requested that you review the transactions from February 2022 below and then proceed as instructed (for LSCPA only (PSLOI) (PSLO2) (PSLO3)). Questions (note your answers after each question): 1. Mrs. Seahawk invested $15,000 in cash in the educational consulting company (Lamar's Fortune 100 Company) from her personal account. What is the journal entry to post this to the Company's ledger? 2. The Company bought computers on account for $6,000. What is the journal entry to post this? I 3. The Company paid employees' salaries for $1,000. What is the journal entry to post this? 4. The Company paid $3,000 on account related to the computers in item #2 above. What is the journal entry to post this? 5. The Company billed a client on account for educational consulting services performed for $16,000. What is the journal entry to post this? 6. Mrs. Seahawk spends most of her time leading, planning and strategic analysis. She made a comment to you in passing that the journal entry for item #5 above is a debit to cash and a credit to revenue. Is she right? Is she wrong? Address her comment and defend your position based on generally accepted accounting principles. Additional instructions: As Lamar's accountant, prepare: 1) Trial balance of the transactions above as of February 28, 2022. 2) Income statement for the period ending February 28, 2022. 3) Balance sheet as of February 28, 2022 Step by Step Solution
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