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Prepare the journal entries for Prairie Consulting for the month of January: a) Jan 2 - The owner, Dewey Cheetham, contributed $2,000 cash to the
Prepare the journal entries for "Prairie Consulting" for the month of January: a) Jan 2 - The owner, Dewey Cheetham, contributed $2,000 cash to the business bank account and equipment with a $40,000 fair value. b) Jan 6 - Purchased $3,100 supplies on credit from a vendor. c) Jan 10 - We received $5,000 in payments from customers for work performed in a prior month. d) Jan 15 - Prairie Consulting performed $4,000 in work for a new customer on credit. e) Jan 20 - You received a $500 utility bill from SaskPower. However, you have until early March to pay and will wait to pay until then. f) Jan 23 - Dewey withdraws $3,000 at an ATM from the business bank account for personal use. Question #2) 3 Marks Post the above journal entries from Q#1 to the following ledger accounts: Acct Name Accounts Payable Accounts Receivable Cash Dewey Cheetham, Capital Dewey Cheetham, Withdrawals Equipment Revenue Supplies Utilities Expense Opening Normal Balance $3,500 $6,000 $4,500 $11,000 $0 $3,000 $0 $1,000 $0
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