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pls helo with full explanantions :)) 4. N.A James, a public accountant, decided to begin a business of his own on Oct 1, 2022 .

pls helo with full explanantions :)) image text in transcribed
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4. N.A James, a public accountant, decided to begin a business of his own on Oct 1, 2022 . At that time, he invested in the business a bank balance of $5000 and an automobile worth $18000 The accounts required are provided for you. A. Work out the changes for the above transactions. Record these in the T-Accounts Provided B. For each of the transactions listed below, work out the changes for the transaction and record these changes in the T-Accounts. 1. Purchased $300 of office supplies for cash. Issued a cheque in payment. 2. Issued a cheque for $50 for an advertisement in a local newspaper 3. Received a bill from Office Supply Company for a desk, a chair, and a filing cabinet at a total cost of $1100 on account 4. Mr. James was hired by a client, Jenkins and Co. At the conclusion of the work, Mr. James charged Jenkins and Co $900 and issued a bill for this service performed on account 5. B. Masters, a client, paid $100 in cash for bookkeeping services. W. Shields, another client, paid $75 in cash for having her tax return prepared. The total of $175 was deposited in the bank 6. A cheque for $100 was sent as a donation to the Salvation Army 7. A cheque for $300 was received from Jenkins and Co. on account 8. A cheque was issued to Office Supply Company in full payment of the balance of its account. 9. Paid Louis's Service Station $120 for gasoline and repairs to the business automobile. A cheque was issued right away. 10. Performed an accounting service for T. Wu and received $200 cash in full payment. The owner N.A. James, did not deposit this money in the bank, but kept it for his personal use. 11. Issued a cheque for $750 in payment for the rent for the month of October 12. Purchased $120 of office supplies from Grand \& Toy. The purchase was paid for by cheque 13. Issued a cheque for $50 for an advertisement in a local newspaper 14. Issued a bill for $600 to Jenkins and Co. for accounting services performed on account 15. Issued a cheque for $70 for postage stamps. (stamps are not considered supplies) 16. Issued a cheque for $500 to the owner for his personal use C. Balance the ledger by means of a Trial Balance . Prepare an income statement for the period, which is the month of October 2022 E. Prepare a balance sheet with an expanded equity section. Use the format from slides Trial Balance Template

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