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Question 7 Carin owns and operates the Carin Consulting business. OnAugust 1, 2017 her ledger showed the following account balances (Ignore GST). Debit Credit 5 S Cash 20,000 Accounts Receivable 16,000 Inventory 18,000 Supplies 1,000 Prepaid Insurance 0 Computer 0 Accumulated Depreciation Computer 0 Equipment 10,000 Accumulated Depreciation Equipment 5,000 Motor Vehicle 0 Accumulated Depreciation Motor Vehicle 0 Land 0 Accounts Payable 4,000 Unearned Revenue 700 Telephone Payable 150 Notes Payable 0 Mortgage Payable 0 Contributed Capital 25,000 Retained Earnings 30,150 Consulting Service Revenue 0 Sales Revenue 0 Cost of Goods Sold Supplies Expense Advertising Expense Insurance Expense Telephone Expense Rent Expense Depreciation Expense Dividends TOTAL 00000000 Ch \"U 0 0 0 65,000 The following transactions occurred during August 201?: 1. The owner contributed an additional $2,000 cash and equipment valued at $5,000 to the business. Purchased land for $260,000 by arranging a mortgage with the bank. Paid $1,500 cash to purchase a computer for the business. Purchased a motor vehicle for $36,000 by arranging a promissory note with a lender. Paid $3,000 to creditor (Accounts Payable) for goods previously purchased in July. SAP-PP 10. ll. 12. l3. 14. 15. 16. Paid $150 for a telephone bill that related to charges incurred during July. An adjusting entry for $150 was made at the end ofJuly to accrue this telephone expense. Performed consulting services fora customerandreceived $6,000 cash. Billed (invoiced) a client $9,000 for consulting services performed during August. Received $4,000 cash from customers who had previously be. billed (invoiced) for services performed tinting July. Received and paid an invoice for $2,000 rclang to August's advertising expense. Distributed $7,000 cash dividends to the owner of the business. Received $1,000 cash for consulting services to be performed in September. The cash receipt was recorded as a liabig. Received $2,000 cash for consulting services to be performed in September. The cash receipt was recorded as revenue. Purchased supplies oncredit $700. The supplies purchased were recorded as an asset. Paid $1,200 for a 12-month insurance policy. The insurance was recorded as an asset. Paid $6,000 cash for rent for August, September and October. The business recorded the rent as an expense. Required: A. Record the above transactions in a general journal using only the ledger accounts given B. Post to the ledger, (remembering first to enter the opening balances)