Question: Neal started a new business on jan 1 2017 the following transactions took place during the month of operations
1/1/2017 Neal make a deposit of $50000 cash in the bank as capital.
2/1/2017 purchased supplies for $6500 in cash.
10/1/2017 purchased equipment for $105,000 paid $55,000 in cash and remaining amount will be paid after 10 days.
12/1/2017 Paid utilities expense $1500 in cash.
14/1/2017 Neal withdraw $3700 cash for personal use.
17/1/2017 Received a bill from Gulf news for advertising amount
31/1/2017 Paid $50000 for equipment purchased on Jan 10.
23/1/2017 Provided services to customers for $87000 in cash.
30/1/2017 Paid $12000 salaries in cash.
Required: Prepare journal entries to record the above transactions.
Prepare the trial balance for cash account on January 31, 2017.