Reference no: EM133020661
Girard Cohen began a computer servicing business, Cohen...
Girard Cohen began a computer servicing business, Cohen Technologies.
During the month of October 2021 Cohen completed these transactions:
October 1 Began business by investing cash, $12,000, and computer equipment, $3,000.
October 3 Paid insurance for one year in advance, $6,000.
October 4 Purchased office supplies on credit, $500.
October 6 Completed a computer servicing assignment and billed the client for $3,000.
October 9 Paid the utilities bill for the month, $100.
October 12 Completed work for a client and received $4,000 cash.
October 17 Paid for the office supplies purchased on October 4.
October 22 Received a partial payment of $1,500 from the client billed on October 6.
October 23 Purchased computer equipment for $5,000 by paying $500 cash and signing a note payable for the balance.
October 31 Wrote a $1,000 cheque on the business bank account for personal expenses.
Required - Using the worksheets provided:
1. Prepare journal entries to record the above transactions.
2. Post the entries to the General Ledger accounts.
3. Complete the trial balance on October 31, 2011.