Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please answer me with good handwriting. Thank you SET A On January 1, 2021, John David opened the Leadership Coaching Agency. The following are the
Please answer me with good handwriting. Thank you
SET A On January 1, 2021, John David opened the Leadership Coaching Agency. The following are the transactions for the month: DATE TRANSACTIONS Jan. 2 John David invested $40,000 cash to start the business. 2 Issued cheque 201 for $8,000 to pay the rent for the office which covers a four-month period. 4 Purchased desk and other office furniture for $12,000 from Lowe's Office Supply. Issued cheque 202 for a $2,000 down payment with the balance due in 30 days. 5 Issued cheque 203 for $1,700 for supplies. 6 Performed services for $7,000 in cash. 7 Issued cheque 204 for $3,000 to pay for advertising expense. 8 Purchased recording equipment for $15,000 from Special Moves Inc.; issued cheque 205 for a down payment of $5,000 with the balance due in 30 days. 10 Performed services for $5,500 on account. 11 Issued cheque 206 for $3,000 to Lowe's Office Supply as payment on account. 12 Performed services for $10,000 in cash. 15 Issued cheque 207 for $6,200 to pay an employee's salary. 18 Received payments of $4,000 from credit clients on account. 20 Issued cheque 208 for $6,000 to Special Movers Inc. as payment on account. 25 Issued cheque 209 in the amount of $375 for the monthly telephone bill. 27 Issued cheque 210 in the amount of $980 for the monthly electric bill. 28 Issued cheque 211 to John David for $5,000 for personal living expenses. 30 Issued cheque 212 for $6,200 to pay the salary of an employee. Instructions: 1. Journalize the transactions. Be sure to number the journal pages and include a short description for each entry. 2. Post transactions to the ledger accounts. 3. Prepare a trial balanceStep 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