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Notwist Copy Company incurred the following transactions during the month of March 2022 : March 1 M. Acher invests $70,000 cash to start the business.
Notwist Copy Company incurred the following transactions during the month of March 2022 : March 1 M. Acher invests $70,000 cash to start the business. March 3 Purchased three pieces of equipment for $160,000, paying $50,000 cash and signing a 5-year, 10\% note for the remainder. March 5 Purchased $5,000 supplies on credit. March10 Cash revenue amounted to $7,000. March 15 Paid $500 cash for radio advertising. March 20 Paid $800 on account for supplies purchased on March 5. March 22 Owner withdrew $2,100 from the business for personal expenses. March 29 Paid $1,200 cash for rent for the current month. March 30 Received $2,000 cash advance from a customer for future copying. March 31 Billed a customer for $575 for photocopy work done. Requirements: 1) Journalize the above transactions. 2) Prepare necessary T accounts. 3) Prepare a trial balance on March 31,2022 and prove the arithmetic accuracy of the accounts. Notwist Copy Company incurred the following transactions during the month of March 2022 : March 1 M. Acher invests $70,000 cash to start the business. March 3 Purchased three pieces of equipment for $160,000, paying $50,000 cash and signing a 5-year, 10\% note for the remainder. March 5 Purchased $5,000 supplies on credit. March10 Cash revenue amounted to $7,000. March 15 Paid $500 cash for radio advertising. March 20 Paid $800 on account for supplies purchased on March 5. March 22 Owner withdrew $2,100 from the business for personal expenses. March 29 Paid $1,200 cash for rent for the current month. March 30 Received $2,000 cash advance from a customer for future copying. March 31 Billed a customer for $575 for photocopy work done. Requirements: 1) Journalize the above transactions. 2) Prepare necessary T accounts. 3) Prepare a trial balance on March 31,2022 and prove the arithmetic accuracy of the accounts
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