Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 2: (10 marks) : CLO 2 The following financial date occurred by Hamad LLC Accounting Services during the month of September: 1. Mr.
Question 2: (10 marks) : CLO 2 The following financial date occurred by Hamad LLC Accounting Services during the month of September: 1. Mr. Hamad invested $100,000 cash in an accounting business. 2. He purchased equipment for $20,000, paying cash 12,000 and signed a 30-day, notes payable for the balance. 3. He paid 30,000 for 6 month's insurance in advance. 4. He purchased supplies on credit $2,000. 5. He provided accounting services on credit to customers and billed them $10,000. 6. Received cash for future services of $6,000. 7. He paid wages for one week $2,000. 8. Received $5,000 cash for services previously performed on account on 5.09. 9. Paid $ 1,500 cash for utilities. 10. He withdrew 1,000 cash from the business. Required: 1- Record the above transactions in the general journal. 2- Post the entries in the ledger. 3- Prepare a trial balance
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started