Question
The following transactions relate to a companys activities. March 1 Received $20,000 in cash from the owner as an investment in the business. 4 Provided
The following transactions relate to a companys activities.
March 1 Received $20,000 in cash from the owner as an investment in the business.
4 Provided $2400 of services on account.
7 Acquired a parcel of land by paying $6,000 cash.
12 Received $700 from a client who was billed on March 4.
15 Paid $800 to the newspaper for advertising.
18 Acquired $9000 of equipment by paying $7000 down and agreeing to pay the balance within 2 weeks.
22 Received $300 for products services performed today.
24 Paid $1500 to the equipment dealer in partial settlement for the equipment.
28 Rented a car for use on this date. Total charge was $75 which was placed on the companys credit card.
30 Paid $900 for March wages.
30 Processed a $600 cash withdrawal for the owner.
Post these transactions to the general journal and from the journal to the individual accounts. Construct the trial balance. Prepare the four financial statements (income statement, statement of shareholder equity, balance sheet and statement of cash flows)
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