On January 1st, 2024, Microsoft Corporation started its business with an initial investment of $50,000 in cash
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Question:
On January 1st, 2024, Microsoft Corporation started its business with an initial investment of $50,000 in cash and $30,000 worth of office equipment. During the month, the following transactions occurred:
- Purchased inventory on credit for $20,000 from Walmart.
- Sold goods for cash, realizing $15,000 in revenue.
- Paid $10,000 for rent and utilities to Pacific Gas and Electric Company.
- Depreciation expense for the office equipment was $500.
Prepare ledger entries for the above transactions and calculate the closing balances for each account to prepare a trial balance as of January 31st, 2024.
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