Question
Honey Mart Company had the following transactions in April 2019: a. Kelly, the owner, invested cash $3,000 in her honey business. b. Purchased $2,000 of
Honey Mart Company had the following transactions in April 2019: a. Kelly, the owner, invested cash $3,000 in her honey business. b. Purchased $2,000 of specialized equipment on credit. c. Paid $400 cash for this month's rent. d. Purchased on credit $4,000 of supplies to be used next month. e. Billed customers $2,500 for honey products. f. Paid cash for one-half of the amount owing in transaction (d). g. Collected $500 of the amount billed in transaction (e). h. Sold one-half of the specialized equipment purchased in transaction 2 for $1,000 in cash. Required: 1. Journalize all transactions. 2. Open and record the transactions in T-accounts. 3. Prepare a Trial Balance. 4. Prepare the financial statements.
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