Transaction 1: John Smith deposited $30,000 cash into the new business' bank account. Transaction 2: Borrowed $10,000 from the bank. Transaction 3: Bought $8,000 worth of furniture with cash. Transaction 4: A customer paid $2,000 cash for bookkeeping services to be provided next month. Transaction 5: Provided services to customers and received $15,000 cash. Transaction 6: Provided bookkeeping services for $4,000 on account. Transaction 7: Paid $6,000 cash for a one-year insurance policy which started on the first of the month. Transactions 8 to 10: Paid cash for rent $1100, salaries $6000 and interest $200 for the month. Transaction 11 to 12: Received a telephone bill $300 and travel bill $2000 which will be paid later. Transaction 13: Paid $3,000 toward the bank loan. Transaction 14: John Smith withdrew $2,000 cash for personal use. Transaction 15: A customer paid $500 cash for the amount owing for bookkeeping services provided earlier in the month. Transaction 16: Paid the telephone bill $300, received earlier in the month. QUESTIONS 1. Journalize the transactions. 2. Open ledger accounts and post the transactions. 3. Prepare general journal and general ledger. 4. Prepare a trial balance. 5. Prepare an income statement, statement of owner's equity, and balance sheet.

Transaction 1: John Smith deposited $30,000 cash into the new business' bank account. Transaction 2: Borrowed $10,000 from the bank. Transaction 3: Bought $8,000 worth of furniture with cash. Transaction 4: A customer paid $2,000 cash for bookkeeping services to be provided next month. Transaction 5: Provided services to customers and received $15,000 cash. Transaction 6: Provided bookkeeping services for $4,000 on account. Transaction 7: Paid \$6,000 cash for a one-year insurance policy which started on the first of the month. Transactions 8 to 10: Paid cash for rent $1100, salaries $6000 and interest $200 for the month. Transaction 11 to 12 : Received a telephone bill $300 and travel bill $2000 which will be paid later. Transaction 13: Paid $3,000 toward the bank loan. Transaction 14: John Smith withdrew $2,000 cash for personal use. Transaction 15: A customer paid $500 cash for the amount owing for bookkeeping services provided earlier in the month. Transaction 16: Paid the telephone bill $300, received earlier in the month. QUESTIONS 1. Journalize the transactions. 2. Open ledger accounts and post the transactions. 3. Prepare general journal and general ledger. 4. Prepare a trial balance. 5. Prepare an income statement, statement of owner's equity, and balance sheet