Problem 2-10B Journalizing, posting, preparing a trial balance LO3, 4, 5, 6 CHECK FIGURE: 4. Total Dr. = $271,500 CHAPTER 2 Analyzing and Recording Transactions At the beginning of June 2020, Brett Wilson created a moving company called Frog Box Company. The com pany had the following transactions during July, its second month of operations: July 1 2 3 5 9 12 15 20 21 Purchased office equipment for $9.000 and a truck for $56,000 by signing a long-term note payable. Purchased land for an office. The land was worth $124.000, which was paid with $40,800 cash and a long-term note payable for the balance. Purchased a used portable building with $21,000 cash and moved it onto the land, Paid $9,600 cash for the premiums on two one-year Insurance policies. Provided services to a client and collected $3,200 cash Purchased additional office equipment for $6.500. Paid $700 cash and signed a long-term note payable for the balance. Completed $3,750 of services for a client. This amount is due within 30 days. Completed another hauling job for $9,200 on credit Received a bill for rent on a specialized hauling truck that was used to complete the job done on July 20. The $1,300 rent must be paid within 30 days. Collected $5,000 from the client described in the transaction on July 20. Paid $1,600 wages to an assistant Paid the account payable created in the transaction of July 21. Pald $1,425 cash for some repairs to the truck Wilson withdrew $3,875 in cash from the business for personal use. Paid $1,600 wages to an assistant Paid $800 cash for advertising in the local newspaper during July Received $1,400 from a client for services to be performed in August. 22 23 24 25 26 27 28 29 Required 1. Prepare journal entries to record the transactions. Use page 1 for the journal. olumn format or T-accounts), entering th 29 Received $1.400 from a client for services to be performed in August Required 1. Prepare journal entries to record the transactions. Use page 1 for the journal. 2. Set up the following general ledger accounts (use the balance column format or T-accounts), entering the balances brought forward from June 30, 2020: Cash (101) $75,000; Accounts Receivable (106) $950; Pre- paid Insurance (128) $275: Trucks (153) $20,800; Office Equipment (163) $1,200, Building (173) S-0-: Land (183) $-0-: Accounts Payable (201) $725: Unearned Revenue (233) S-0-: Long-Term Notes Payable (251) $7,000; Brett Wilson, Capital (301) 583,825; Brett Wilson, Withdrawals (302) $600; Revenue (401) $8.400; Wages Expense (623) $780; Truck Rental Expense (645)$230; Advertising Expense (655)$75; and Repairs Expense (684) $40. 3. Post the entries to the general ledger accounts and enter the balance after each posting, 4. Prepare a trial balance as of the end of the month
