Reference no: EM13858849
Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Brenda Wells, Capital; Brenda Wells, Drawing; Professional Fees; and Operating Expenses.
(a) In the T accounts, record the following transactions of Wells Consultant Services for May, 2007, identifying each entry by number:
(1) Wells invested $12,000 cash in the business.
(2) Purchased supplies on account, $5,750.
(3) Paid operating expenses, $5,000.
(4) Billed clients for fees, $6,940.
(5) Received cash from cash clients, $4,200.
(6) Paid creditors on account, $1,000.
(7) Received $2,600 from clients on account.
(8) Withdrew $1,000 cash for personal use.
(b) Prepare a trial balance as of May 31, 2007 for Wells Consultant Services.
(c) Assuming that supplies expense (which has not been recorded) amounts to $1,000 for May, determine the following:
(1) Net income for the month.
(2) Owner's equity as of May 31.
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