Question
Luigi Trovato, Accountant, opened his accounting office on September 1 of the current year. During the month the following transactions related to his accounting practice
Luigi Trovato, Accountant, opened his accounting office on September 1 of the current year. During the month the following transactions related to his accounting practice occurred.
1. The owner invested 160,000 in the business.
2. I offered access services that would later pay you for 200,000
3. Bought suppplies on credit for 500.
4. Offered acc cash services for 300,000.
5. Customers paid 100,000 of what they owed from trans 2
6. Removed 2,000 for personal use.
7. He acquired a piece of land for 150,000 paying 50,000 cash and the difference in a note.
8. Paid 500 in automobile expenses.
9. Paid 1,000 in salary.
Instructions: Prepares the Jornal General ("General Journal") for the following transactions. Record the following transactions in T accounts. The affected accounts will be as follows: Cash, Accounts Receivable, Supplies, Land, Notes Payable, Accounts Payable, Trovato Capital, Trovato, Retirement, Earned Income, Auto Expense, Salary Expense. Determine the balance of each of the accounts. Prepare the Trovato Balance Sheet, Accounting Services for September 30 of the current year.
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