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Stewart Company started its operations on January 1, 2018. The following transactions took place during the first month of operations: January 1: Stewart invests $1,150,000
Stewart Company started its operations on January 1, 2018. The following transactions took place during the first month of operations: January 1: Stewart invests $1,150,000 cash to start the business. January 3: Purchased furniture for $124,000, paying $24,000 in cash and sign a note for the remaining January 7: Purchased office supplies for $5,000 on credit. January 11: Paid S11,000 cash for January rent. January 15: Paid S3,600 cash for office supplies purchased on January 7 January 20: Services billed to customers amount to $64,000. January 22: Received utility bills for $7,000 for the month of January. January 25: Paid S31,600 cash as salaries for the month. January 29: Received $44,000 cash from customers in payment for services billed on January 20 January 31: Stewart withdrew $10,400 from the business for personal use. balance. Required: 1- Prepare Journal entries to record the above transactions. 2- Post to the appropriate ledger accounts 3- Prepare the trial balance on January 31 2018. 4. Prepare the financial statements of Stewart Company on January 31 2018
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