Answered step by step
Verified Expert Solution
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 2020, its first month of operationsi July 1 The owner, Manny Gill, invested $5,500 cash. 10 Purchased $3,000 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $12,000 cash from the client. 14 Paid for expenses; $4,000. 15 Completed security services for a graduation event and sent the client a bill for $1,750. 31 The owner withdrew $300 cash for personal use. Required: 2. Record the journal entries for the month of July. 2 Record the journal entries for the month of July View transaction list Journal entry worksheet -50 2 3 4 5 6 > Record the investment by owner. Note: Enter debits before credits. Date General Journal Debit Credit July 01, 2020 Record entry Clear entry View general journal 1 & 3. Post the July journal entries into your general ledger accounts. Include the date next to each number posted. Determine the balances 21 101: Cash 106: Accounts Receivable End bal. End bal 150 Equipment 201: Accounts Payable End bal End.bal. 301. Marny Gill, Capital 302: Mangy Gill Withdrawels End bal End bal. 401. Revenue 501: Expenses End bal. End.bal. 4. Prepare a trial balance using the balances in your general ledger accounts. WEST SECURE Trial Balance July 31, 2020 Account Title Debit Credit Totals 5. Prepare an income statement, statement of changes in equity, and balance sheet based on your trial balance. WEST SECURE Income Statement For Month Ended July 31, 2020
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started