Chapter 3, Problem 5PA

Following is the chart of accounts of Sanchez Realty Company:

Sanchez completed the following transactions during April (the first month of business):

Required

1. 1. Journalize the transactions for April in the general journal.
2. 2. Post the entries to the general ledger accounts. (Skip this step if you are using CLGL.)
3. 3. Prepare a trial balance as of April 30, 20–.
4. 4. Prepare an income statement for the month ended April 30, 20–.
5. 5. Prepare a statement of owner’s equity for the month ended April 30, 20–.
6. 6. Prepare a balance sheet as of April 30, 20–.

*If you we using CLGL, use the year 2020 when preparing all reports.