Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions

  • Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2017, its first month of operations: July 1 The owner, Manny Gill, invested $5,000 cash. 10 Purchased $2,500 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $10,000 cash from the client. 14 Paid for expenses; $3,500. 15 Completed security services for a graduation event and sent the client a bill for $1,500. 31 The owner withdrew $250 cash for personal use. Required 1. Set up the following general ledger accounts using either the T-account format or the balance column format: Cash (101); Accounts Receivable (106); Equipment (150); Accounts Payable (201); Manny Gill, Capital (301); Manny Gill, Withdrawals (302); Revenue (401); Expenses (501). 2. Record the journal entries for the month of July. 3. Post the July journal entries into your general ledger accounts. Include the date next to each number posted. Determine the balances. 4. Prepare a trial balance using the balances in your general ledger accounts. 5. Prepare the financial statements from your trial balance 6. Answer the analysis component question

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Valuation, Measuring And Managing The Value Of Companies

Authors: Tim Koller, Marc Goedhart, David Wessels

7th Edition

1119611865, 9781119611868

More Books

Students also viewed these Finance questions