Please do the General Journal, Trial Balance, Income Statement, Statment of owner's equity and Balance Sheet.
Jim Wooldridge decides to start a new business, Wooly Consulting, a firm specializing in placing out of work coaches with jobs, giving coaching seminars and public speaking engagements. During the month of June 20XX he completed the following transactions Required: Step 1: Prepare general journal entries to record the transactions in the provided general journal Read the preparation tips that appear after the transactions on the next page NOW! Step 2: Post the entry amounts to the T-accounts represented in the general ledger as you go Step 3: Prepare a trial balance for Wooly Consulting as of June 30, 20XX June 1 Jim began his business by transferring equipment valued at $4,200 into the business. He also placed $8,000 cash in a business checking account. He applied for and received a new credit card for the business Jim purchased a car, costing $20,000 by paying $4,000 cash and signed a note for the balance with Biggs auto dealership. The note provides for a 10% APR interest cost Jim purchased a new computer for $900 and supplies for $200, all on open account; payment terms 1/10, n/30 Jim filled bought gasoline for the car, $55. He put the purchase on the new credit card Jim's first customer Larry Brown, prepays Jim to do a job search for him. Larry gives Jim $3,000 cash in advance. Jim receives $500 cash for a speaking engagement on the Triangle offence scheme. June 1 June 1 June 2 June 3 June 5 June 7 Jim hires a former player of his, "Hoops" Wilson as an assistant to work with him, to be paid $10 an hour. Jim put travel expenses for a motel room and food on the credit card, $445. Jim receives a bill for an ad he had placed in Coaches Anonymous magazine advertising Wooly Consulting. The ad ran last week. The bill is for $220, due in 10 days. There is an 18% APR interest charge on overdue accounts June 8 June 9 June 10 Jim purchased office supplies at Staples for $140, paying cash June 12 Jim purchased an insurance policy for 12 months' coverage on the car from NoState Insurance. He was required to pay a full year in advance, $2,400 the June 3 event above the Olympic winter games, $2,000 June 13 Found Larry Brown a job with Tennessee State University. Hint: This event is related to June 13 Billed on account, two hockey coaches for consulting on how to beat the Canadians in June 14 Paid Hoops, the assistant for 40 hours' work June 21 Made a $640 payment on the note signed for the car. This payment consists of both interest and principal. Hint: there has been 20 days since the loan began on June1 Round the interest calculation result to the nearest dollar. June 21 Paid Hoops, the assistant for 40 hours' work June 22 Received the utility bill for $280, however it is not due for 15 days June 23 Received payment from one of the hockey coaches billed on June 13, $1,000 June 24 Found Bob Huggins a job with the West Virginia Hill Hoppers, billed him $4,300 June 25 Paid the bill for the computer purchased on June 1
