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 2020, its first month of operations: July 1The owner, Manny Gill, invested $5,300 cash. 10Purchased $2,800 worth of security equipment on credit. 12Performed security services for a sold-out concert and received $10,000 cash from the client. 14Paid for expenses; $3,800. 15Completed security services for a graduation event and sent the client a bill for $1,650. 31The owner withdrew $280 cash for personal use. Required:Record the journal entries for the month of July. Post the July journal entries into your general ledger accounts. Include the date next to each number posted. Determine the balances. Prepare a trial balance using the balances in your general ledger accounts. Prepare an income statement, statement of changes in equity, and balance sheet based on your trial balance.

Journal Entries Date General journal Debit ($) Credit ($) 1-Jul-20 Cash 5,300…

Answered: Record the journal entries for the…

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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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 2020, its first month of operations:

July	1	The owner, Manny Gill, invested $5,300 cash.
	10	Purchased $2,800 worth of security equipment on credit.
	12	Performed security services for a sold-out concert and received $10,000 cash from the client.
	14	Paid for expenses; $3,800.
	15	Completed security services for a graduation event and sent the client a bill for $1,650.
	31	The owner withdrew $280 cash for personal use.

Required:

Record the journal entries for the month of July.
Post the July journal entries into your general ledger accounts. Include the date next to each number posted. Determine the balances.
Prepare a trial balance using the balances in your general ledger accounts.
Prepare an income statement, statement of changes in equity, and balance sheet based on your trial balance.

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