The following journal entries were prepared for Elgert Corporation for its first month of operation, January 2015.

Required:
1. Prepare necessary general ledger T-accounts and post the transactions.
2. Prepare a trial balance at January 31, 2015.
3. Prepare an income statement and statement of changes in equity for the month ended January 31, 2015 and a balance sheet at January 31, 2015.

Transcribed Image Text:

DebitCredit Jan. 1 Cash 10,000 Share Capital 10,000 To record the shares issued Rent Expense To record the payment of rent for the month 200 Cash 200 9 Unused Supplies Cash 4,000 4,000 To record the purchase of supplies. 11 Cash 1,300 Service Revenue 1,300 To record service revenue earned 28 Truck Operating Expense 450 Accounts Payable To record truck repairs. 450 30 Salaries Expense Cash 1,800 1,800 To record payment of salaries for the month. 31 Accounts Receivable 1,600 Service Revenue 1,600 To record service revenue earned during the month 31 Supplies Expense 200 Unused Supplies To record supplies used during the month 200 31 Dividends 50 Cash 50