4. Prepare a trial balance using the balances in your general ledger accounts.5. Prepare an income statement, statement of changes in equity, and balance sheet based on your trial balance.please answer all requirements with all working or skip/leave answer in text remember answer all Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactionsduring July 2023, its first month of operations:July 1The owner, Manny Gill, invested $4,600 cash.Purchased $2,100 worth of security equipment on credit.12 Performed security services for a sold-out concert and received $12,000 cash from the client.Paid for expenses; $3,100.15 Completed security services for a graduation event and sent the client a bill for $1,300.31 The owner withdrew $210 cash for personal use.1014Required:2. Record the journal entries for the month of July. 1 & 3. Post the July journal entries into your general ledger accounts. Include the date next to each number posted. Determine thebalances.End.bal.End.bal.End.bal.End.bal.101: Cash150: Equipment301: Manny Gill, Capital401: RevenueEnd.bal.End.bal.End.bal.End.bal106: Accounts Receivable201: Accounts Payable302: Manny Gill, Withdrawals501: Expenses

Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Answered: Manny Gill is an entrepreneur who…

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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4. Prepare a trial balance using the balances in your general ledger accounts.

5. Prepare an income statement, statement of changes in equity, and balance sheet based on your trial balance.

please answer all requirements with all working or skip/leave answer in text remember answer all

Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions
during July 2023, its first month of operations:
July 1
The owner, Manny Gill, invested $4,600 cash.
Purchased $2,100 worth of security equipment on credit.
12 Performed security services for a sold-out concert and received $12,000 cash from the client.
Paid for expenses; $3,100.
15 Completed security services for a graduation event and sent the client a bill for $1,300.
31 The owner withdrew $210 cash for personal use.
10
14
Required:
2. Record the journal entries for the month of July.

1 & 3. Post the July journal entries into your general ledger accounts. Include the date next to each number posted. Determine the
balances.
End.bal.
End.bal.
End.bal.
End.bal.
101: Cash
150: Equipment
301: Manny Gill, Capital
401: Revenue
End.bal.
End.bal.
End.bal.
End.bal
106: Accounts Receivable
201: Accounts Payable
302: Manny Gill, Withdrawals
501: Expenses

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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