Reference no: EM13975028
BUSINESS TRANSACTIONS
Jeff Robinson opened a Civil Engineering Consulting business in January 2015 named Robinson Engineering. During the first month of operations, the business completed the following transactions.
| Reference # |
Date |
DESCRIPTION |
| 1 |
4-Jan |
The business received $40,000 cash from Robinson, which was deposited in a business bank account entitled Robinson Engineering. |
| 2 |
4-Jan |
Paid January's rent expense with cash, $1,100. |
| 3 |
5-Jan |
The business purchased land for a future site with a bank loan for |
| 4 |
6-Jan |
Purchased furniture, $2,800, on account. |
| 5 |
7-Jan |
Purchased supplies $800 on account. |
| 6 |
11-Jan |
Performed consulting services for a client and received cash, $2,200 |
| 7 |
12-Jan |
Performed consulting services for client, $16,000. The client will pay in February. |
| 8 |
15-Jan |
Paid secretary salary, $900 cash. |
| 9 |
19-Jan |
Robinson withdrew $12,000 cash for personal use. |
| 10 |
20-Jan |
Paid cash for the supplies previously purchased on January 7 on account. |
| 11 |
22-Jan |
Received partial payment from a client on account, $5,000 cash. |
| 12 |
28-Jan |
Robinson invested $2,000 in the business. |
| 13 |
29-Jan |
Owes secretary salary, $900 for the last two weeks of January. Salary will be paid February 1st. |
Required:
a) On Appendix A, prepare the journal entries for the business first month of operations. Explanations are not necessary.
b) On Appendix B, post your journal entries in the General Ledger T-accounts and calculate the balance
c) On Appendix C, prepare a Trial Balance for the business, using the balances from your T- accounts.
d) On Appendix D, prepare the Financial Statements: Income Statement, Statement of Owner's Equity and Balance Sheet
Please use the following general ledger accounts: Cash, J. Robinson Capital, Rent Expense, Land, Bank Loan Payable, Furniture, Accounts Payable, Supplies, Consulting Revenue, Accounts Receivable, Salaries Expense, J. Robinson Withdrawals and Salaries Payable.
Attachment:- APPENDIX.rar
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