WiCom Servicing completed these transactions during November 2020, its first month of operations: I Tait Unger, the owner, invested $62,000 cash and office equipment that had a fair value of $19,000 2 Prepaid $21,000 cash for three months' rent for an office. Nov. 4 Made credit purchases of used office equipment for $9,000 and office supplies for $1,650. 8 Completed work for a client and immediately received $5,200 cash. 12 Completed a $4,800 project for a client, who will pay within 30 days. 13 Paid the account payable created on November 4. 19 Paid $3,750 cash as the annual premium on an insurance poliey. 22 Received $2,000 as partial payment for the work completed on November 12. 24 Completed work for another client for $3,600 on credit. 28 Withdrew $5,300 from the business for personal use. 29 Purchased $1,700 of additional office supplies on credit. 12 Completed a $4,800 project for a client, who will pay within 30 days. 13 Paid the account payable created on November 4. 19 Paid $3,750 cash as the annual premium on an insurance policy. 22 Received $2,000 as partial payment for the work completed on November 12. 24 Completed work for another client for $3,600 on credit. 28 Withdrew $5,300 from the business for personal use. 29 Purchased $1,700 of additional office supplies on credit. 30 Paid $19,000 in wages. 30 Paid $1.650 for the month's utility bill.
WiCom Servicing completed these transactions during November 2020, its first month of operations: I Tait Unger, the owner, invested $62,000 cash and office equipment that had a fair value of $19,000 2 Prepaid $21,000 cash for three months' rent for an office. Nov. 4 Made credit purchases of used office equipment for $9,000 and office supplies for $1,650. 8 Completed work for a client and immediately received $5,200 cash. 12 Completed a $4,800 project for a client, who will pay within 30 days. 13 Paid the account payable created on November 4. 19 Paid $3,750 cash as the annual premium on an insurance poliey. 22 Received $2,000 as partial payment for the work completed on November 12. 24 Completed work for another client for $3,600 on credit. 28 Withdrew $5,300 from the business for personal use. 29 Purchased $1,700 of additional office supplies on credit. 12 Completed a $4,800 project for a client, who will pay within 30 days. 13 Paid the account payable created on November 4. 19 Paid $3,750 cash as the annual premium on an insurance policy. 22 Received $2,000 as partial payment for the work completed on November 12. 24 Completed work for another client for $3,600 on credit. 28 Withdrew $5,300 from the business for personal use. 29 Purchased $1,700 of additional office supplies on credit. 30 Paid $19,000 in wages. 30 Paid $1.650 for the month's utility bill.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please no copy paste no plagiarism show full working
Transcribed Image Text:Required
1. Prepare journal entries to record the transactions. Use general journal page 1.
2. Set up the following general ledger accounts (use the balance column format or T-accounts): Cash (101); Accounts Receivable (106);
Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment ( 163); Accounts Payable (201); Tait Unger,
Capital (301): Tait Unger, Withdrawals (302): Service Revenue (401): Wages Expense (680); and Utilities Expense (690).
3. Post the entries to the general ledger accounts, and enter the balance after each posting.
Page 144
4. Prepare a trial balance at November 30, 2020.
Transcribed Image Text:WiCom Servicing completed these transactions during November 2020, its first month of operations:
I Tait Unger, the owner, invested $62,000 cash and office equipment that had a fair value of $19,000 in the business.
2 Prepaid $21,000 cash for three months' rent for an office.
Nov.
4 Made credit purchases of used office equipment for $9,000 and office supplies for $1,650.
8 Completed work for a client and immediately received $5,200 cash.
12 Completed a $4,800 project for a client, who will pay within 30 days.
13 Paid the account payable created on November 4.
19 Paid $3,750 cash as the annual premium on an insurance policy.
22 Received $2,000 as partial payment for the work completed on November 12.
24 Completed work for another client for $3,600 on credit.
28 Withdrew $5,300 from the business for personal use.
29 Purchased $1,700 of additional office supplies on credit.
12 Completed a $4,800 project for a client, who will pay within 30 days.
13 Paid the account payable created on November 4.
19 Paid $3,750 cash as the annual premium on an insurance policy.
22 Received $2,000 as partial payment for the work completed on November 12.
24 Completed work for another client for $3,600 on credit.
28 Withdrew $5,300 from the business for personal use.
29 Purchased $1,700 of additional office supplies on credit.
30 Paid $19,000 in wages.
30 Paid $1,650 for the month's utility bill.
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