Question

Question 1 Maury Wills started an environmental consulting business & during the first month of operations (June 2008) completed the following transactions: a) b) Wills began the business with an investment of $25,000 cash and a building valued at $30,000. The business gave Wills the owner's equity in the firm. Purchased office supplies on account, $2,100 Paid $18,000 for office furniture Paid employee's salary, $2,200 Performed consulting service on account, $5,100 Paid $800 on the account payable created in transaction (b) Received a $600 bill for advertising expense that will be paid in the near future Performed consulting service for customers and received cash, $1,600 Received cash on account, $1,200 Paid the following cash expenses and made a single compound entry: i) Rent on equipment, $700 ii) Utilities, $400 Withdrew $3,000 for personal use j) k) Required: 1. Record each transaction in the journal. Use the letters to identify the transactions. 2. Post the entries to the ledger accounts. 3. Prepare the trial balance of Wills Environmental Consulting at June 30, 2008 4. Prepare the income statement and statement of owner's equity for Wills Environmental Consulting for the month ended June 30, 2008 and a balance sheet as at that date.

Answer 1

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