Michael Gould started a Web consulting firm called Gould Solutions. He began operations and completed seven transactions in April that resulted in the following accounts, which all have normal balances.
Cash | $12,485 |
Office supplies | 560 |
Prepaid rent | 1,500 |
Office equipment | 11,450 |
Accounts payable | 11,450 |
Common Stock | 10,000 |
Dividends | 6,200 |
Consulting fees earned | 16,400 |
Operating expenses | 5,655 |
Required
1. Prepare a trial balance for this business as of the end of April.
Analysis Component
2. Analyze the accounts and their balances and prepare a list that describes each of the seven most likely transactions and their amounts.
3. Prepare a report of cash received and cash paid showing how the seven transactions in part 2 yield the $12,485 ending Cash balance.
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