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Present a trial balance for business as at end of february

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Samantha Teo started a home-based food business after Singapore entered into phase 3 of Re-opening. She began operations and completed five transactions in February that resulted in the following accounts. All the accounts have normal balances.

Bank $19,600
Prepaid insurance  1,000
Kitchen equipment  8,000
Accounts payable  8,000
Samantha Teo, Capital  20,000
Sales  2,000
Food expenses  1,400

Required:

Problem (a) Present a trial balance for this business as at the end of February.

Problem (b) Examine the accounts and their balances and prepare a list that describes each of the five most likely transactions.

Problem (c) Prepare the journal entries for these transactions.

Reference no: EM132993287

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