Question 2 (5 Marks) Case 1 The following financial date occurred by Majid Associates. 1. Mr. Majid invested 150,000 cash in a consulting business. 2. He paid 6,000 for 4 month's rent in advance for an apartment to be used for office space. 3. He purchased computer equipment on credit for 18,000. 4. H provided consulting services to customers on credit and billed them 120,000. 5. He purchased office supplies and paid cash 2,000. 6. He paid 12,000 for 6 month's insurance in advance. 7. He paid wages to the secretary for one week 2,500. 8. He received 100,000 advance from Mr. Hamad (a customer) for services not yet performed. 9. He withdrew 2,000 form the business for personal use. 10. He performed the services to Mr. Hamad and billed him for 100,000. Required 1. Prepare journal entries for the above transactions 2. Post the entries in the general ledger using the following accounts: Cash, prepaid rent, prepaid insurance, computer equipment, accounts receivable, consulting revenue, office supplies, wages expense, unearned revenue, withdrawals, Capital, accounts payable. 3. Prepare a trial balance Answer General Journal Account Debit Credit 1. 2. 3. 4. 5. 6. 7. General Ledger Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit