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please make general ledger 1 (15 points): A. Set up a General Ledger with the following accounts (use T accounts): Cash, Accounts receivable, Prepaid rent,
please make general ledger
1 (15 points): A. Set up a General Ledger with the following accounts (use "T" accounts): Cash, Accounts receivable, Prepaid rent, Office supplies, Office equipment, Engineering Equipment, Accounts payable, Wages payable, Unearned revenues, Scott Capital, Scott, Withdrawals, Engineering fees earned, Salary expense, and Utilities Expense. (b): Set up a Journal to record the following transactions and post the transactions to the General Ledger constructed in (a) above. January 1 Scott decides to start an engineering consulting business. He contributes his priceless knowledge and $25,000 cash, office equipment worth $2,000, and miscellaneous office supplies worth $300. January 2 Scott contacts the Mills Office Building and rents office space for one year at $1,000 a month. The landlord requires Scott to pay the first and last month's rent in advance plus a $1,000 deposit. Accordingly, Scott writes a check for $3,000 and, since no rent has yet been used, records the transaction under prepaid rent.' January 2 Scott moves his office equipment and supplies into the new space. He finds he needs upgrades to his equipment and supplies and goes to the local Stables office supply store and purchases $250 office supplies and $600 in new office equipment. Stables, to establish a business relationship, offers to extend credit for the purchase. January 5 Scott, hard at work, completes his first "job' and bills his client $2,000 for his hard work. The client says he will pay as soon as he gets the bill in the mail and processes a check January 7 Scott hires his wife as an employee. She says she will start immediately but wants to be paid before the end of the day on Friday. She demands $200 a day for work. She also wants 3 weeks paid annual vacation, her birthday off as a paid holiday, and unlimited lunch hours paid by the business. Scott does not put his wife on the business checking account and does not share his business checking account password. January 9 Scott receives payment for January 5" job. January 9 Scott receives bill and pays for January 2nd purchase. January 12 Scott completes second job and sends bill $1,500 to client. January 12 Scott pays his wife for week, $1,000 January 19 Scott pays his wife for week, $1,000. January 21 Scott bills third client $2,000 for work done. January 24 Scott purchases new Engineering Equipment. As the crew delivers and installs the equipment, they demand immediate payment of $5,500 dollars which Scott pays. January 25 Scott purchases more office supplies on account $150 Step by Step Solution
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