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Jack Sparrow began professional practice as a system analyst on July 1. He plans to prepare a monthly financial statement. During July, the owner completed

Jack Sparrow began professional practice as a system analyst on July 1. He plans to prepare a monthly financial statement. During July, the owner completed these transactions:

#

Date

Transactions

July 1

The owner invested 500,000 cash along with computer equipment that had a market value of 120,000 two years ago but was now worth 100,000 only.

July 2

Paid 15,000 cash for the rent of office space for the month.

July 4

Purchased 12,000 of additional equipment on credit (due within 30 days).

July 8

Completed work for a client and immediately collected the 32,000 cash.

July 10

Completed work for a client & sent a bill for 27,000 to be paid within 30 days.

July 12

Purchased additional equipment for 8,000 in cash.

July 15

Paid an assistant 6,200 cash as wages for 15 days.

July 18

Collected 15,000 on the amount owed by the client.

July 25

Paid 12,000 cash to settle the liability on the equipment purchased.

July 28

The owner withdrew 500 cash for personal use.

July 30

Completed work for a client who paid 40,000 for 50% of the system design.

July 31

Paid salary of assistant 700.

July 31

Received phone bill, 1,800 and electricity bill 3,800.

Required: For this business, prepare all 2:

T-accounts (categorized into the expanded accounting equations)!!!

Trial balance!!!!

Thank you <333

Accounting 0:-)

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