Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Record the transactions in the journal, post them to the ledger. Prepare a trial balance. Carla Carter's Consulting began business on July 1st and had
Record the transactions in the journal, post them to the ledger. Prepare a trial balance. Carla Carter's Consulting began business on July 1st and had the following transactions: 7-1: Carla Carter contributed $200,000 cash and office furniture with a fair market value of $100,000, to Carter's Consulting Services, (CCS). 7-1: CCS purchased supplies for cash of $5,000 7-1: CCS signed a lease and paid $60,000, in cash. The term of the lease is six months beginning on July 1st. 7-2: CCS purchased a computer on account from Office Depot $5,000 7-5: CCS prepared and delivered a consulting study to Google and billed them $200,000 7-7: CCS received a $75,000, cash advance from Microsoft for consulting work to be provided in the future. 7-10: CCS prepared and delivered a consulting study to Walmart and received $100,000 in cash. 7-15: Carla Carter took a $20,000 cash withdrawal from CCS. 7-20: CCS paid the Office Depot Accounts Payable from July 2nd, $5,000, cash. 7-25: Google paid the accounts receivable from July 5th, $200,000, cash 7-31: Depreciation expense on the furniture for the month $1,000. 7-31: Salary Expense paid in cash $20,000. 7-31: Utility expense paid in cash $10,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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