During the first month of operations (March 2013), Jiffy Enterprises completed the following selected transactions:
The business received $19,000 in cash and a building valued at $59,000. The corporation issued stock to the contributors of these.
Borrowed $16,800 from the bank and signed a note payable to them
Paid $19,000 for equipment
Purchased supplies on account for $900
Paid employees' salaries of $9,100
Performed services for customer on account, $9,800
Paid $150 of the accounts payable in transaction d above
Received a $750 bill for advertising expense that will be paid in the near future
Received cash on account, $1,600
Paid rent of $1,600
Required:
Prepare the journal entries for the above transactions.
Prepare the trial balance sheet of Jerry Enterprises as of March 31, 2013.