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You will be preparing the analysis and accounting for Gee Wiz, Inc. (Gee Wiz). Gee Wiz uses a calendar year and wants to have its
You will be preparing the analysis and accounting for Gee Wiz, Inc. (Gee Wiz). Gee Wiz uses a calendar year and wants to have its accounting prepared in accordance with GAAP. Gee Wiz requests that you provide the following items for each week (corresponding with each weeks information):
- All Journal entries made to date
- A copy of the General Ledger at the end of each week
- A copy of the Trial Balance at the end of each week
Note: Do NOT Close the books during any week unless you are specifically told to do so.
Gee Wiz had the following transactions in Week 3:
- 1/15 Abby Whozit invested $200,000 into Gee Wiz
- 1/16 Gee Wiz purchased a computer for $2,500, paying $500 at purchase with $2,000 due in 10 days.
- 1/16 Gee Wiz purchased office equipment for $1,500
- 1/17 Gee Wiz purchased, and consumed, $500 of supplies on account
- 1/18 Gee Wiz paid $150 for a radio advertisement
- 1/18 Gee Wiz performed services and billed its client $2,000
- 1/21 Gee Wiz performed services and was paid $15,000
- 1/25 Gee Wiz paid the $2,000 due for the computer that was purchased
- 1/26 Gee Wiz received an electric bill for $150
- 1/26 Gee Wiz received a telephone bill for $100
- 1/27 Gee Wiz paid rent of $1,850
- 1/27 Gee Wiz paid salaries of $1,500
- 1/28 Gee Wiz paid the invoice for the supplies purchased on 1/17
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