Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In March, Lee Gall opened a paralegal services company. Please assist her by journalizing the following business transactions: Mar.2 Mar.6 Mar 9 Mar. 13 Mar.

image text in transcribed

In March, Lee Gall opened a paralegal services company. Please assist her by journalizing the following business transactions: Mar.2 Mar.6 Mar 9 Mar. 13 Mar. 20 Mar. 21 Mar. 23 Mar. 27 Lee Gall invested $4,500 worth of computer equipment as well as $9,000 cash in the new business. Purchased computer supplies on account from Carry Co., $355. Purchased office equipment on account from A-One Stationary, $1,895. Lee paid her home telephone bill from the company bank account, $55. Received $1,875 cash for legal services performed. Advertising bill was received but not yet paid, $495. Cleaning bill was received but not yet paid, $95. Performed legal services for Harriet Corp., $2,725; however, payment will not be received until April. Paid salaries expense, $2,100. Paid A-One Stationary half of the amount owed from March 9th transaction, $947.50. Receive bill for telephone for March, $250 - to be paid in April. Mar. 28 Mar. 29 Mar. 30 Lee Gall, Capital Lee Gall, Withdrawals The chart of accounts is as follows: General Bank Account Accounts Receivable Computer Supplies Office Equipment Computer Equipment Accounts Payable Fees Earned Advertising Expense Salaries Expense Cleaning Expense Telephone Expense Use the templates provided in eLearn to complete the following: 1. General journal entries 2. Post to the General ledgers Prepare a Trial Balance 4. Prepare an Income Statement 5. Prepare a Statement of Owner's Equity 6. Prepare a Balance Sheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Winning Your Audit

Authors: Holmes F. Crouch

1st Edition

0945339151, 978-0945339151

More Books

Students also viewed these Accounting questions