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Juan Rios acted upon his entrepreneurial spirit and started a graphic design business called Juan's Designs. Based on an excellent business plan, Juan was able
Juan Rios acted upon his entrepreneurial spirit and started a graphic design business called Juan's Designs. Based on an excellent business plan, Juan was able to raise sufficient capital to begin operations in October. During the month of October, the following events occurred related to the business: 1. Stockholders invested $48,000 cash in the business in exchange for common stock. 2. Paid $3,000 cash for rent on an office suite for the month of October. 3. Purchased two desktop computers, software, and a printer for $12,000 cash. 4. Purchased on account miscellaneous supplies for $600 that will be used during the month. 5. Purchased digital advertising for $360 cash, announcing the opening of his new business. 6. Performed $6,600 of design work on account. 7. Received $4,200 cash from customers for design work previously completed. 8. Paid $420 cash toward the company's accounts payable balance. 9. Paid $3,000 cash for employee wages. Journal entries T-accounts Trial balance a. Prepare journal entries for the October accounting transactions: Enter 0 or leave the field blank if no entry is required.
JOURNAL ENTRIES, T-ACCOUNTS & TRIAL BALANCE
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