Reference no: EM132682809
Question - Kiersted Financial Services was formed on November 1, 2021.
During the month of November, the following events and transactions occurred:
Journalize transactions, post, and prepare trial balance.
Nov. 1 Haakon Kiersted, the owner, invested $35,000 cash in the company. He also invested equipment that had originally cost Haakon $25,000 but was currently worth $12,000.
Nov. 2 Hired one employee to work in the office for a monthly salary of $2,825.
Nov. 3 Signed a three-year contract to lease office space for $2,140 per month. Paid the first and last month's rent in cash. (Hint: The payment for the final month's rent should be considered an asset and be recorded in Prepaid Rent.)
Nov. 4 Purchased a one-year insurance policy for $4,740 to be paid in monthly instalments. Paid the first month's premium.
Nov. 5 Purchased additional equipment for $18,000. Paid $6,000 cash and signed a note payable for the balance.
Nov. 6 Purchased supplies for $1,550 on account.
Nov. 7 Purchased additional supplies for $475 cash.
Nov. 16 Completed services for a customer and immediately collected $990.
Nov. 20 Completed services for two customers and billed them a total of $4,500.
Nov. 26 Paid $1,000 for the supplies purchased on account on November 6.
Nov. 27 The telephone bill for November was $220. It will be paid in December.
Nov. 27 Received a $750 cash advance from a customer for services to be provided in December.
Nov. 29 Collected $2,800 from one of the customers billed on November 20.
Nov. 30 Paid $60 interest on the note payable.
Nov. 30 Paid the employee's monthly salary, $2,825.
Nov. 30 Paid Haakon Kiersted $700 for his personal use.
Nov. 30 Paid Sony Ltd. for a new sound system for Haakon's home, $1,150 cash.
Instructions -
a. Prepare journal entries to record the transactions.
b. Post the journal entries to T accounts.
c. Prepare trial balance as at November 30, 2021.
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