Please help me with Accounting October 31 - Paid gas and oil for the entire month 100.000October 31 - Owner withdrew 600,000Supplies on hand, 250,000Unpaid Salaries, 300.000Instructions:1. Journalize and post the October transactions.2. Prepare a trial balance for October 31, 2019.3. Prepare the Income Statement, Owner's Equity Statement, and the BalanceSheet for October 321. 20194. Journalize and post adjusting entries.5. Journalize and post-closing entries and complete the closing process.6. Prepare the post-closing trial balance. 1 of 2CHART OF ACCOUNTSASSETSAccount No.Account NameCashAccounts Receivable005010015020025TruckPrepaid InsurancePrepaid RentLIABILITIES0105Accounts PayableOWNER'S EQUITY205210Вар. СаpitalErap. DrawingREVENUE305Sevice RevenueEXPENSES405410415Professional FeeSalaries ExpenseGas and OilSupplies Expense420Erap opened Eraption Engineering Services on October 1, 2019. During October, thefollowing transactions were completed.October - invested 4.000,000 cash in the business.October 2 - Purchased three used truck 3.000.000, paying 1.500.000 cash and thebalance on account.October 3 - Purchased construction supplies and materials for 450,000 on account.October 5 - Paid 400,000 cash on one-year insurance policy, 200.000 as five-monthrental payment for the warehouse effective October IOctober 12 - Billed customers 1.250.000 for construction services rendered,October 18 - Paid 500,000 cash owed on truck, and 250.000 owed for constructionsuppliesOctober 20 - Paid ten consultants' fee for 300.000 and hundred employees' salariesamounting to 300,000October 21 - Collected 700.000 cash from customers billed on October 12October 25 - Billed ABC Cement Company for mechanical services renderedamounting to 1.500.000

The journal is the book of original entry in which transactions are entered in chronological order…

October 1 -Invested 4.000,000 cash in the business. October 2 - Purchased three used truck 3,000,000, paying 1.500.000 cash and the balance on account. October 3 - Purchased construction suppliles and materials for 450,.000 on account. October 5 - Paid 400,000 cash on one-year insurance policy, 200.000 as five-month rental payment for the warehouse etffective October 1 October 12 - Billed customers 1.250,000 for construction services rendered, October 18 - Paid 500,000 cash owed on truck, and 250.000 owed for construction supplies October 20 - Paid ten consultants' fee for 300,000 and hundred employees' salaries amounting to 300,000 October 21 - Collected 700,000 cash from customers billed on October 12 October 25 - Billed ABC Cement Company for mechanical services rendered amounting to 1,500,000

October 1 -Invested 4.000,000 cash in the business. October 2 - Purchased three used truck 3,000,000, paying 1.500.000 cash and the balance on account. October 3 - Purchased construction suppliles and materials for 450,.000 on account. October 5 - Paid 400,000 cash on one-year insurance policy, 200.000 as five-month rental payment for the warehouse etffective October 1 October 12 - Billed customers 1.250,000 for construction services rendered, October 18 - Paid 500,000 cash owed on truck, and 250.000 owed for construction supplies October 20 - Paid ten consultants' fee for 300,000 and hundred employees' salaries amounting to 300,000 October 21 - Collected 700,000 cash from customers billed on October 12 October 25 - Billed ABC Cement Company for mechanical services rendered amounting to 1,500,000

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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