Analyze the accounts and their balances

Assignment Help Accounting Basics

Reference no: EM131528244

Question: Michael Gould started a Web consulting firm called Gould Solutions. He began operations and completed seven transactions in April that resulted in the following accounts, which all have normal balances.

Cash . . . . . . . . . . . . . . . . . . . . . . . $12,485

Office supplies . . . . . . . . . . . . . . . . 560

Prepaid rent . . . . . . . . . . . . . . . . . 1,500

Office equipment . . . . . . . . . . . . . 11,450

Accounts payable . . . . . . . . . . . . . 11,450

M. Gould, Capital . . . . . . . . . . . . . . 10,000

M. Gould, Withdrawals . . . . . . . . . 6,200

Consulting fees earned . . . . . . . . . 16,400

Operating expenses . . . . . . . . . . . 5,655

Required: 1. Prepare a trial balance for this business as of the end of April.
Analysis Component

2. Analyze the accounts and their balances and prepare a list that describes each of the seven most likely transactions and their amounts.

3. Prepare a report of cash received and cash paid showing how the seven transactions in part 2 yield the $12,485 ending Cash balance.

Reference no: EM131528244

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