Helen started a computer programming business (12/2016), Helen’s Programming Service. The following transactions occurred during December, 2016: 1/12: Helen invested $120,000.1/12: Paid the rent for the next 12 months $24,000.1/12: Purchased equipment for $15,000 on credit2/12: Purchased supplies on credit for $1,500.3/12: Purchased a computer for $8,500 in cash.5/12: Received cash for programming services performed, $3,100.6/12: Received cash for programming services to be performed, $2,300.10/12: Billed a customer for programming services performed, $1, 600.10/12: Paid 50% of purchased supplies on credit on 2/1215/12: Paid 60% of purchased equipment on credit on 1/12 Required:Record the transactions in the general journal for 2017.Post the transactions to the ledger (T accounts) and calculate closing balances of the accountsPrepare a trial balance on 31, December

The financial statements of the business including income statement, balance sheet are prepared from…

Answered: Helen started a computer programming…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Helen started a computer programming business (12/2016), Helen’s Programming Service. The following transactions occurred during December, 2016:

1/12: Helen invested $120,000.
1/12: Paid the rent for the next 12 months $24,000.
1/12: Purchased equipment for $15,000 on credit
2/12: Purchased supplies on credit for $1,500.
3/12: Purchased a computer for $8,500 in cash.
5/12: Received cash for programming services performed, $3,100.
6/12: Received cash for programming services to be performed, $2,300.
10/12: Billed a customer for programming services performed, $1, 600.
10/12: Paid 50% of purchased supplies on credit on 2/12
15/12: Paid 60% of purchased equipment on credit on 1/12

Required:

Record the transactions in the general journal for 2017.
Post the transactions to the ledger (T accounts) and calculate closing balances of the accounts
Prepare a trial balance on 31, December

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