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introduce journal entries on account berry Accountberry: creating company, maintaining chart of accounts, preparing, posting journal entries, and preparing a trial balance opened a Web
introduce journal entries on account berry
Accountberry: creating company, maintaining chart of accounts, preparing, posting journal entries, and preparing a trial balance opened a Web consulting business called and completed the following transactions in its first month of operations. (Nov 2021) Nov 1 The owner invested $120,000 cash along with office equipmentvalued at $28,800 in the company Nov 2 The company prepaid $7.200 cash for 12 months rent for office space. Hint: Debit Prepaid Rent for $7.200. Nov 3 The company paid $6,000 cash for the premium on a 12-month prepaid insurance policy. Hint Debit Prepaid Insurance for $6,000 Nov 4 The company made credit purchases for $14,400 in office equipment and $2,880 in office supplies. Paymentis due within 10 days. Nov 6 The company completed services for a client and immediately received $2,000 cash Nov 9 The company completed a $9,600 project for a client who must pay within 30 days. Nov 13 The company paid $17.280 cash to settle the account payable created on Nov 3. Nov 22 The company received $7.680 cash as partial payment for the work completed on Nov 9 Nov 25 The company completed work for another client for $2.640 on credit. Nov 28 Tanner withdrew $6.200 cash from the company for personal use. Nov 29 The company purchased $960 of additional office supplies on credit. Nov 30 The company paid $700 cash for this month's utility bill The company's chart of accounts follows: Account ID Account Description 10001 Cash in Bank 11001 Accounts Receivable 11002 Office Supplies 11003 Prepaid Insurance 11004 Prepaid Rent 11005 Office Equipment 21000 Accounts Payable 21001 Salaries Payable 30000 Capital 30001 Withdrawals 40000 Service Revenue 60000 Utilities Expense 90000 Income Summary Account Type Cash Accounts Receivable Current Assets Current Assets Current Assets Fixed Assets Accounts Payable Other Current Liabilities Equity Equity-gets closed Income Expenses Income Step by Step Solution
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