Question
Larry Matt started Matts Financial Services Company and completed these transactions during November of the current year Nov. 1 Began a financial services practice by
Larry Matt started Matts Financial Services Company and completed these transactions during November of the current year
Nov. 1 | Began a financial services practice by investing $15,000 cash and office equipment having a $5,000 value in exchange for common stock |
2 | Purchased $1,200 of office equipment on credit. |
3 | Purchased $300 of office supplies on credit. |
4 | Completed work for a client and immediately received a payment of $900 cash. |
8 | Completed work for Precept Paper Co. on credit, $1,700. |
10 | Paid for the supplies purchased on credit on December 3. |
14 | Paid for the annual $960 premium on an insurance policy. |
18 | Received $700 partial payment from Precept Paper Co. for the work completed on December 8. |
27 | Larry was paid $5,000 in cash dividends |
30 | Paid $175 cash for the December utility bills. |
30 | Received $2,000 from a client for financial services to be rendered next year. |
1.) Prepare general journal entries to record these transactions below:
2.) Post the Journal entries to the General Ledger Accounts
3.) Prepare the Trial Balance
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