Question
Nelson Goh started a sustainable consulting firm called Green Consulting using his home as his office. He began operations and completed five transactions in January
Nelson Goh started a sustainable consulting firm called Green Consulting using his home as his office. He began operations and completed five transactions in January that resulted in the following accounts.
All the accounts have normal balances.
Bank $31,360
Prepaid insurance 1,600
Office equipment 12,800
Accounts payable 12,800
Nelson Goh, Capital 32,000
Consulting fee earned 3,200
Miscellaneous expense 2,240
Required
(a) Prepare a trial balance for this business as at the end of January.
(b) Examine the accounts and their balances and prepare a list that describes each of the five most likely transactions.
(c) Record the journals for these transactions.
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