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PROBLEM 2 [40 points) Unearned Fees; Brenda Wells, Capital; Brenda Wells, Drawing; Professional Few Set up Taccounts for Cash; Accounts Receivable; Supplies; Accounts Payable; (Revenues);
PROBLEM 2 [40 points) Unearned Fees; Brenda Wells, Capital; Brenda Wells, Drawing; Professional Few Set up Taccounts for Cash; Accounts Receivable; Supplies; Accounts Payable; (Revenues); and Operating Expenses. a. In the T accounts, record the following transactions of Wells Consultant Services for the month of October 2020, identifying each entry by numb (1) Wells invested $12,000 cash in the business. (2) Purchased supplies on account, $5,750. (3) Paid operating expenses, $5,000. Billed clients for fees earned, $7.900 Paid creditors on account, $1,000. Received $2,500 from clients on account. Received advanced payment of $1,500 for services that will be provided in November. (8) Withdrew $1,000 cash for personal use. enotnos b. Prepare the unadjusted trial balance as of October 31, 2020 for Wel Consultant Services
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