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please provide answers in the type format and make sure cover every portion clearly Weens On 1 July 2018 Nicole Andreou opened a beauty parlour.
please provide answers in the type format and make sure cover every portion clearly
Weens On 1 July 2018 Nicole Andreou opened a beauty parlour. The following transactions occurred during the first month of operations (ignore GST). Use the following account titles and numbers: Cash at Bank, 100; Accounts Receivable, 101; Supplies, 102; Equipment, 103; Loan Payable, 200; Nicole Andreou, Capital, 300; Nicole Andreou, Drawings, 301; Revenue, 400; Rent Expense, 500; Advertising Expense, 501; Insurance Expense, 502; Telephone Expense, 503. July 2 2 6 16 20 Andreou invested $120 000 in the business by depositing cash into a business cheque account with the Eastpac Bank. Paid $1800 for the first month's rent. Purchased equipment by an online bank transfer for $32 000 and signed a commercial loan agreement for $38 000. Purchased supplies for $8400. Paid advertising expense of $890. Recorded beauty services revenue for the first half of the month of $3250 in cash and $620 on credit. Paid insurance expense for July of $480 using an online bank transfer. Received a $140 payment from customers who paid on credit in the first half of the month. Andreou withdrew $560 cash for personal living expenses. Recorded revenue for the second half of the month of $3680 in cash and $580 on credit. Paid telephone account of $330 by electronic transfer. 23 28 31 31 Required: a) Prepare the general journal entries to record the above transactions. (6.25 marks) b Post the entries from the general journal to the general ledger accounts (running balance format) and enter the posting references in the general journal. (2.75 marks) c) Prepare a trial balance as at 31 July 2018.(1 mark) 2020/5/8 12:26Step by Step Solution
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