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Required:- Prepare general entries and general ledger and unadjusted trial balance. The following transactions occurred during Vector Enterprises's first month of operations, May 2021: May
Required:- Prepare general entries and general ledger and unadjusted trial balance.
The following transactions occurred during Vector Enterprises's first month of operations, May 2021: May 01 - The owner, Mary Bigheart, created the company by investing $31,809 cash, a automobile worth $32,017 and $1,980 of pens, paperclips, and computer paper. May 05 - The company purchased $4,799 of liability insurance for cash. May 12 - The company acquired computer, network and printing equipment worth $2,306 on account. May 13 - The company received $25,418 for services provided so far this month. May 18 - Mary Bigheart told the bookkeeper to pay the employees $9,199 for their work this month. May 25 - The company paid water bill for $347. May 29 - The owner withdrew $7,464 for personal use. - REQUIRED: 1. Prepare journal entries using the accounts provided in the general ledger. Ensure that your journal entries are in proper format. (10 marks) 2. Post the journal entries to the accounts in the general ledger. (10 marks) 3. Prepare the unadjusted trial balance. (8 marks) The following transactions occurred during Vector Enterprises's first month of operations, May 2021: May 01 - The owner, Mary Bigheart, created the company by investing $31,809 cash, a automobile worth $32,017 and $1,980 of pens, paperclips, and computer paper. May 05 - The company purchased $4,799 of liability insurance for cash. May 12 - The company acquired computer, network and printing equipment worth $2,306 on account. May 13 - The company received $25,418 for services provided so far this month. May 18 - Mary Bigheart told the bookkeeper to pay the employees $9,199 for their work this month. May 25 - The company paid water bill for $347. May 29 - The owner withdrew $7,464 for personal use. REQUIRED: 1. Prepare journal entries using the accounts provided in the general ledger. Ensure that your journal entries are in proper format. (10 marks) 2. Post the journal entries to the accounts in the general ledger. (10 marks) 3. Prepare the unadjusted trial balance. (8 marks)
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