Question #2

ROBLEM: Ms. Shara Perez began an Upholstery cleaning business in Rochester, New York orn 016 and called it Perez Upholstery Cleaning Service. During the month of August 2016, the following transactions occurred August 1. Ms. P3rez invested $30,000 cash into the business. August 2. Purchased Cleaning Equipment for cash, $5,600. August 3. Purchased cleaning supplies for cash, $3,000. August 4. Made two month's van lease payment in advance, $2,400. August 9. Paid for repairs on the van with cash, $2,160. August 12. Received cash for cleaning upholstery, $1,920 August 17. Paid for rent in cash for August, $1,200. August 21. Billed customers for cleaning upholstery, $2,680. August 24. Paid cash for additional repairs on the van, $160. August 27. Received $1,200 from the customers billed on August 21. August 31. Made a cash withdrawal of $1,400. NOT: MS.SHARA PEREZ USED THE FOLLOWING ACCOUNTS: CASH, ACCOUNTS RECEIVABLE, CLEANING SUPPLIES, PREPAID LEASE, CLEANING EQUIPMENT, ACCOUNTS PAYABLE, PEREZ , CAPITAL,PEREZ,WITHDRAWALS/DRAWING, CLEANING REVENUE, RENT EXPENSE AND REPAIRS EXPENSE. REQUIRED 1. Record the above transactions directly into a General Journal. 2. Post all the transactions from the General Journal into two-column T-Account Ledgers. Indicate in the date of each transaction as in the General Journal. Determine or foot the balance in each T-Account. Prepare a month-end Trial Balance for the Perez August 31, 2016. Upholstery Cleaning Service as of 3. 3