Assignment Instructions:
A) Journal the following entries
B) Post the entries to the General ledger
C) Prepare a Trial Balance
D) Prepare the Financial Statements
1) Janet Younger started a business using $100,000 of her own money. Younger opened a checking accounting and deposited all the funds there.
2) Wells purchased $5,000 of equipment and paid cash
3) Wells purchased $6,000 more equipment on account. Office plus extended her credit for the new computer.
4) Wells hired two new employees at a salary of $48,000 each.
5) Wells purchased supplies for $500 in cash.
6) Wells paid $2,500 in cash to Office Plus for the computer.
7) Wells rented office space paying $8000 in rent for January and February.
8) Received $36,000 in cash for services provided to clients.
9) Performed more services for $11,000 and agreed the customer, Moe, could pay in two weeks.
10) Moe sent in a check for $6,000 on the balance he owned.
11) The firm paid salaries of $8000 for the month.
12) The firm paid utilities of $650
13) Janet Younger took a draw of $5000 for personal use.
Problem 1: Journal the Entries use the lines below to complete the journal entries
Problem 2: Post the entries to the General ledger
Problem 3: Prepare the Trail Balance from the General Ledger ending balances
Problem 4: Prepare the financial statements from the trial balance
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Attachment:- Accounting Cycle.rar