Name:_____________________

Question #1 Journalize the following: 1. Wanda, the owner invests $40,000 into her business Acme Company 2. Purchases equipment on credit for $10,000 3. Does work for a customer and immediately receives $3000 4. Does work for another customer for $4000 and sends them a bill 5. Purchases office supplies for $1500 6. Receives payment of $2,500 from customer in #4 above 7. Pays assistant $1,000 8. Pays rent of $1,200 9. Pays $4,000 towards equipment purchased in #2 10. Takes out $200.

Question #2 Post the transactions to the Ledger

Question #3 Prepare a Balance Sheet as of May 31 of this year, for Acme Company.