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Question 1 (35 marks) The following transactions occurred during Regina Repairs Company's first month of operations, April, 2021: April 1 April 8 April 9
Question 1 (35 marks) The following transactions occurred during Regina Repairs Company's first month of operations, April, 2021: April 1 April 8 April 9 April 10 April 14 April 18 April 26 The owner, Theresa Trueheart, created the company by investing $44,000 cash, a work truck worth $66,000 and $5,000 of pens, sticky notes, and blank invoices. The company received invoice UJ18V569R purchasing heavy equipment worth $3,100 paid with cash. The company paid its employees $6,100 for their work this month. Regina Repairs Company received cash for services provided to customers, $17,200 The company purchased $6,000 of liability insurance with cash. The company purchased a new cellphone and plan for $440 on account. The owner withdrew $5,700 for personal use. General Ledger Accounts: 101 Cash 114 Office Supplies 124 Prepaid Insurance 130 Equipment 160 Vehicles 210 Accounts Payable Required: 300 Capital 310 Withdrawals 400 Revenue 660 Repairs Expense 665 Telephone Expense 680 Wages Expense a) Prepare journal entries, in proper form, using the accounts provided in the general ledger. (10 marks) b) Post the journal entries to the general ledger accounts. (10 marks) c) Use the general ledger to prepare the trial balance. (5 marks) d) Prepare the income statement, statement of changes in equity, and balance sheet for the year in proper format (10 marks) month
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