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Humble Management Services opens for business and completes these transactions in September.
Sept. 1 Henry Humble, the owner, invests $38,000 cash along with office equipment valued at $15,000 in the company.2 The company prepaid $9,000 cash for 12 months' rent for office space. (Debit Prepaid Rent for $9,000.)4 The company made credit purchases for $8,000 in office equipment and $2,400 in office supplies. Payment is due within 10 days.8 The company completed work for a client and immediately received $3,280 cash.12 The company completed a $15,400 project for a client, who must pay within 30 days.13 The company paid $10,400 cash to settle the payable created on September 4.19 The company paid $1,900 cash for the premium on an 18 month insurance policy. (Debit Prepaid Insurance for $1,900.)22 The company received $7,700 cash as partial payment for the work completed on September 12.24 The company completed work for another client for $2,100 on credit.28 Henry Humble withdrew $5,300 cash from the company for personal use.29 The company purchased $550 of additional office supplies on credit.30 The company paid $860 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 â€" 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); H. Humble, Capital (301); H. Humble, Withdrawals (302); Service Fees Earned (401); and Utilities Expense (690). Post 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 September.
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