Question

P2.6B (LO 2, 3, 4) AP Kiersted Financial Services was formed on November 1, 2021. During the month of November, the following events and transactions occurred: Nov. 1 Haakon Kiersted, the owner, invested $35,000 cash in the company. He also invested equipment that had originally cost Haakon $25,000 but was currently worth $12,000. 2 Hired one employee to work in the office for a monthly salary of $2,825.

Answer 1

General Journal Debit Credit 1. Cash Ale Equipment Alc Capital Alc 35DOD 12000 4700D 2 Bent expense prepaid Rent Cash Ale All Ale 2140 21-4-0 4280 4. Insurance expense Cash Alc. 395 395 5 18000 Equipment Alc Cash Alc Note payable Alc 6000 12000 6. Supplies Alc Accounts payable 1550 1550 7. Supplies Alc Cash 47521 the uts 16. Cash ac Service 990 Revenue Alc. 1990. 20 Accounts Receivables Service Revenue 4500 4 50 126. Accounts payable Cash Al 1000 T000

220 27 Telephone expense Aulounts payable Ale 220 27. Cash 750 Alc unearned Revenue 750 29 2900 Cash Alcat! Accounts Receivables 2800 60 30. Intrest expense Alc Cash Alc. Salary 2825 expense Cash Ac 2825 Too 30 Drawing Cash Alc 700 1150 30 Drawings Cash Alc 1150

Cash Alc Capital Alc. 35000 Rent expense Ak. Prepaid rent At 240 2140 Service Revenue Unearned Revenue Accounts Receivables 990 750. 2800 Insurance expense 3as Equpmunt A Cape 600D Supplies Alc 475 Accounts payable DDD. Intrest Expense 60 Salary expense 2825 Drawings 1850 Ending balance 22655 39546 39540 Equipment Aic Capital Afc 12000 Cash 6000 Nots payable 12000 Ending balance 30,DOD 30,000 30,000 Capital Alc. Cash ale Equipment Alc 3 5000 12000 Ending balance 47000 47000 47000

Supplies Alc Accounts payable 1550 Cash Ale 1475 Ending balance 2025 2025 2025 Salary Expense Alc Cash Ac 2825 Ending balance 2825 2825 2825 Drawings Alc Cash Alcon 1850 Ending balance | 1850 - 1850 1850 Telephone Expense tic; Accounts payable and 220. Ending balance | 220. 220 220

Accounts Receivables Car Service Revenue 2800 Cash 4500 Ac Ending balance 1700 4500 | 4500 Accounts payables JODO Cash Afc Supplies All 1550 220. Telephone expense Ending balance. 770 1770 1770 Service Revenue Alc - Cash 990 Accounts Receivables 4500 Endling balanie 5490 5490 54.90

Notes payable Equipment 120 00 Ending balance 12000 112000 12000 Unearned Revenue Alc Cash Al 750 Ending balance 750 750 750 Al Rent Expense 2140 Cash Ale Ending balance 2140 2140 2140 Prepaid Rent Al Cash Alc 2140 Ending balanse 2140 2140. 2140

Insurance Expense Alc. Cash Alc 395 Ending balance 395 395 395 Intrest Expense Al Cash Alc 60 Ending balance 60. 60 60

Trial Balance Debit Credit 2 2655 30,000 47000 Cash Equipment Afc Capital Alc Insurance expense Intrest expense Supplies Salary expense Drawing Telephone expense Accounts Receivables. Accounts payable. Senre Reneerine Notes payable Unearned revenue Rent expense Prepaid sept 395 бо 2025 2825 1850 220 1700 770 5490 12 DOO, 750 2140 2140 TOTAL 66010 66010
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