1. Accounting 1101... Help!!
1. Record the following transactions in the general journal. Use ONLY these account titles: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; YOUR NAME, Capital; YOUR NAME, Drawing; Service Revenue; Rent Expense; Supplies Expense; Utilities Expense. You may not need to use all of the accounts. Be sure to follow the proper format as outlined in your textbook.
3/1/07 Invested $20,000 in cash and $5,000 of equipment in the business.
3/5/07 Purchased equipment on account, $1,200.
3/7/07 Purchased supplies on account, $500.
3/10/07 Purchased supplies with cash, $1,000.
3/13/07 Received cash for services provided to clients, $2,500.
3/15/07 Paid rent, $850.
3/20/07 Billed clients for services performed, $850.
3/25/07 Paid for equipment purchased on 3/5/07.
3/28/07 Received payment for services performed on 3/20/07.
3/31/07 Withdrew cash for personal use, $3,000.
2. After recording the transactions listed above, post to the general ledger.
3. Prepare a trial balance for the month ended March 31, 2007.