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Problem 1 Problem 2 - 4 A Preparing and posting journal entries; preparing a trial balance C 3 A 1 P 1 P 2 Business

Problem 1
Problem 2-4A
Preparing and posting journal entries; preparing a trial balance
C3 A1 P1 P2
Business transactions completed by Nabil Aziz during the month of September are as follows.
a. Aziz invested $60,000 cash along with office equipment valued at $25,000 in a new sole proprietorship named NA Consulting.
b. The company purchased land valued at $40,000 and a building valued at $160,000. The purchase is paid with $30,000 cash and a long-term note payable for $170,000.
c. The company purchased $2,000 of office supplies on credit.
d. Aziz invested her personal automobile in the company. The automobile has a value of $16,500 and is to be used exclusively in the business.
e. The company purchased $5,600 of additional office equipment on credit.
f. The company paid $1,800 cash salary to an assistant.
g. The company provided services to a client and collected $8,000 cash.
h. The company paid $635 cash for this month's utilities.
i. The company paid $2,000 cash to settle the account payable created in transaction c.
j. The company purchased $20,300 of new office equipment by paying $20,300 cash.
k. The company completed $6,250 of services for a client, who must pay within 30 days.
I. The company paid $1,800 cash salary to an assistant.
m. The company received $4,000 cash in partial payment on the receivable created in transaction k.
n. Aziz withdrew $2,800 cash from the company for personal use.
Required
Prepare general journal entries to record these transactions (use account titles listed in part 2).
Open the following ledger accounts - their account numbers are in parentheses (use the balance column format): Cash (101); Accounts Receivable (106); Office Supplies
(108); Office Equipment (163); Automobiles (164); Building (170); Land (172); Accounts Payable (201); Notes Payable (250); N. Aziz, Capital (301); N. Aziz,
Withdrawals (302); Fees Earned (402); Salaries Expense (601); and Utilities Expense (602). Post the journal entries from part 1 to the ledger accounts and enter the
balance after each posting.
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