Question
Mrs. Rubaba Islam started her own consulting firm, Matrix Consulting, on May 1, 2020. The following transactions occurred during the month of May. May 1
Mrs. Rubaba Islam started her own consulting firm, Matrix Consulting, on May 1, 2020. The following transactions occurred during the month of May. May 1 Mrs. Rubaba invested $7,000 cash in the business. 2 Borrowed $5,000 from the bank on a note payable. 3 Purchased equipment for $4,200 on account. 4 Purchased $600 of supplies on account. 5 Paid $125 to advertise in the ATN News for five months. 9 Received $4,000 cash for services performed. 12 Withdrew $1,000 cash for personal use. 15 Performed $5,400 of services on account. 23 Received cash of $4,000 for services to be performed later. 30 Paid $900 for office rent for the month. Instructions: a) Journalize the above transactions in the book of Mrs. Rubaba Islam. [10 Marks] b) Post the above entries in ledger. Hints: Prepare necessary T accounts. [6 Marks] c) prepare the trial balance from the above information. [2.75 Marks]
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