Reference no: EM132929372
Question - On September 1, 2015, Jasmine Grebe launched a computer services company called Technical Support, which provides consulting services, computer system installations, and custom program development. Tunner adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December 31, 2015.
Sept. 1 J. Grebe invested $45,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company.
Sept. 2 The company paid $3,300 cash for four months' rent. (Hint: Debit Prepaid Rent for $3,300.)
Sept. 3 The company purchased $1,420 of computer supplies on credit from Harris Office Products.
Sept. 5 The company paid $2,220 cash for one year's premium on a property and liability insurance policy. (Hint: Debit Prepaid Insurance for $2,220.)
Sept. 6 The company billed Easy Leasing $4,800 for services performed in installing a new web server.
Sept. 8 The company paid $1,420 cash for the computer supplies purchased from Harris Office Products on Sept 3.
Sept. 10 The company hired Lyn Addie as a part-time assistant for $125 per day, as needed.
Sept. 12 The company billed Easy Leasing another $1,400 for services performed.
Sept. 15 The company received $4,800 cash from Easy Leasing as partial payment on its account.
Sept. 17 The company paid $805 cash to repair computer equipment that was damaged when moving.
Sept. 20 The company paid $1,728 cash for advertisements published in the local newspaper.
Sept. 22 The company received $1,400 cash from Easy Leasing on its account.
Sept. 28 The company billed IFM Company $5,208 for services performed.
Sept. 31 The company paid $875 cash for Lyn Addie's wages for seven days' work.
Sept. 31 J. Grebe withdrew $3,600 cash from the company for personal use.
Required -
1. Prepare journal entries to record each of the following transactions.
2. Open ledger accounts.
3. Prepare trial balance.
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