Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need help making a trial balance for the following information. As of December 1, 2016, Kel El decided to move to rented quarters and to
Need help making a trial balance for the following information.
As of December 1, 2016, Kel El decided to move to rented quarters and to operate a consulting business which was to be known as KE Consulting, on a full-time basis, KE Consulting entered into the following transactions during December. Transactions: December: 4. 4. 10. 14. 15. 15. 17. 18. 22. 25. 26. 28. 29. 30. 30. 30. 30. Kel El deposited $30,000 into KE Consulting as the sole owner. KE Consulting purchased supplies, $1,500; and office equipment, $15,500. Paid three months' rent on a lease rental contract, $3,300. Paid the early premium on property and casualty insurance policies, $7,200. Recei as from clients as an advance payment for services to be provided and recorded it as Kearned fees $5,000. Cash fzp P/C Purchased additional office equipment on account from Office Equip Co., $1,500. Paid cash for a newspaper advertisement, $120. Recorded services provided on account for the period December 114, $2,300. Paid Office Equip Co. for part of the debt incurred on December 4, $1,100. Paid part-time receptionist for two weeks' salary, $600. Recorded cash from cash clients for fees earned during the period December 116, $4,250. Paid cash for supplies, $500. Recorded services provided on account for the period December 1522, $2,100. Recorded cash from cash clients for fees earned for the period December 1725, $1,850. Reeeived cash from clients on account, $2,600. Paid part-time receptionist for two weeks' salary, $600. Paid water bill for December, $35. Received the electricity bill for December, $224. (Will pay it later) Recorded cash from cash clifnts for fees earned for the period December 2630, $3,250. Recorded services provided on account for the remainder of December, $1,200. Kel E withdrew 4,000 for personal use. ccsA U
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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