Maury Wills started an environmental consulting business & during the first month of operations (June 2008) completed the following transactions:

a) Wills began the business with an investment of $25,000 cash and a building valued at $30,000. The business gave Wills the owners equity in the firm.

b) Purchased office supplies on account, $2,100

c) Paid $18,000 for office furniture

d) Paid employees salary, $2,200

e) Performed consulting service on account, $5,100

f) Paid $800 on the account payable created in transaction (b)

g) Received a $600 bill for advertising expense that will be paid in the near future

h) Performed consulting service for customers and received cash, $1,600

i) Received cash on account, $1,200

j) Paid the following cash expenses and made a single compound entry:

i) Rent on equipment, $700

ii) Utilities, $400

k) Withdrew $3,000 for personal use

Required:

1. Record each transaction in the journal. Use the letters to identify the transactions.

2. Post the entries to the ledger accounts.