Q-9 Helen Ingersoll owns and operates an interior design studio called Ingersoll Interiors. The following amounts summarize the financial position of her business on August 31, 20X2: During September 202, the following events occurred. a. Ingersoll inherited $20,000 and deposited the cash in the business bank account. b. Performed services for a client and received cash of $700. c. Paid off the beginning balance of accounts payable. d. Purchased supplies on account, $1,000. e. Collected cash from a customer on account, $1,000. f. Invested personal cash of $1,000 in the business. g. Consulted on the interior design of a major office building and billed the client for services rendered, $2,400. h. Recorded the following business expenses for the month: 1. Paid office rent, $900. 2. Paid advertising, $100. i. Sold supplies to another business for $150 cash, which was the cost of the supplies. j. Withdrew cash of $1,100 for personal use. Required 1. Analyze the effects of the preceding transactions 2. Prepare General Journal entries of above transactions. 3. Prepare General Ledger. 4. Prepare Trial Balance for the month ended September 30,2002 5. Prepare the income statement of Ingersoll Interiors for the month ended September 30,202. Q-9 Helen Ingersoll owns and operates an interior design studio called Ingersoll Interiors. The following amounts summarize the financial position of her business on August 31,202 : During September 202, the following events occurred. a. Ingersoll inherited $20,000 and deposited the cash in the business bank account. b. Performed services for a client and received cash of $700. c. Paid off the beginning balance of accounts payable. d. Purchased supplies on account, $1,000. e. Collected cash from a customer on account, $1,000. f. Invested personal cash of $1,000 in the business. g. Consulted on the interior design of a major office building and billed the client for services rendered, $2,400. h. Recorded the following business expenses for the month: 1. Paid office rent, $900. 2. Paid advertising, $100. i. Sold supplies to another business for $150 cash, which was the cost of the supplies. j. Withdrew cash of $1,100 for personal use. Required 1. Analyze the effects of the preceding transactions 2. Prepare General Journal entries of above transactions. 3. Prepare General Ledger. 4. Prepare Trial Balance for the month ended September 30,2002 5. Prepare the income statement of Ingersoll Interiors for the month ended September 30, 202. 6. Prepare the balance sheet of Ingersoll Interiors at September 30, 202
