Question
Journalize the following transactions and use the worksheet to prepare an Adjusted Trial Balance. a)Started event business with $30,000 of personal investment and $20,000 loan
Journalize the following transactions and use the worksheet to prepare an Adjusted Trial Balance. a)Started event business with $30,000 of personal investment and $20,000 loan from the bank. b)Purchased office furniture by paying $20,000 in notes, of which $5,000 is due the end year and $15,000 in next 4 years c)Paid $1,200 of liability insurance for 12 months (not expensed yet). d)Purchased $2,000 worth of event supplies on account, due by the end of next month. e)During the month, we hosted two events and generated revenues of $3,500 (cash) and $2,500 (on account) respectively. f)Paid monthly rent of $2,500 for the office space.
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