Reference no: EM133166780
Question - Smith started Smith's Lawn Mowing Services on 1st March 2022. The following information relates to the business of Smith's Lawn Mowing Services for the month of March 2022:
March 3 Smith contributed capital to commence business $150,000.
March 4 Smith's Lawn Mowing Services purchased office stationery $600 on credit.
March 7 Smith's Lawn Mowing Services received cash fees $3,400.
March 8 Smith's Lawn Mowing Services took out a loan from Taylor Bank $30,000.
March 8 Smith's Lawn Mowing Services paid rent for March $8,000 cash.
March 10 Smith's Lawn Mowing Services purchased office furniture on credit $12,000.
March 12 Smith's Lawn Mowing Services invoiced a customer for services $2,200.
March 15 Smith withdrew $2,400 from his personal bank account to cover his private expenses.
March 17 Smith's Lawn Mowing Services paid wages cash to executive assistant $3,250.
March 27 Smith's Lawn Mowing Services received cash from customers invoiced on 12 March for services $2,200.
Note: Assume the transaction on 4 March relates to the stationery used in March.
Required - Prepare general journal entries for the business of Smith Limited for the month of March 2022. Narrations are NOT required.
Prepare a Trial Balance for Smith Limited as at 31 March 2022.