Reference no: EM131528138
Question: Shaw Management Services opens for business and completes these transactions in November.
Nov. 1 Kita Shaw, the owner, invested $30,000 cash along with $15,000 of office equipment in the company.
2 The company prepaid $4,500 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $4,500.)
4 The company made credit purchases of office equipment for $2,500 and of office supplies for $600. Payment is due within 10 days.
8 The company completed work for a client and immediately received $3,400 cash.
12 The company completed a $10,200 project for a client, who must pay within 30 days.
13 The company paid $3,100 cash to settle the payable created on November 4.
19 The company paid $1,800 cash for the premium on a 24-month insurance policy.
22 The company received $5,200 cash as partial payment for the work completed on November 12.
24 The company completed work for another client for $1,750 on credit.
28 K. Shaw withdrew $5,300 cash from the company for personal use.
29 The company purchased $249 of additional office supplies on credit.
30 The company paid $531 cash for this month's utility bill.
Required: 1. Prepare general journal entries to record these transactions (use account titles listed in part 2).
2. Open the following ledger accounts-their account numbers are in parentheses (use the balance column format): Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); K. Shaw, Capital (301); K. Shaw, Withdrawals (302); Services Revenue (403); and Utilities Expense (690). Post the journal entries from part 1 to the ledger accounts and enter the balance after each posting.
3. Prepare a trial balance as of the end of November.
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