Kylan Management Services opens for business and completes these transactions in November.
Nov. 1 Rollie Kylan, the owner, invested $190,000 cash along with $29,000 of office equipment in the company.
2 The company prepaid $10,000 cash for six months’ rent for an office. (Hint: Debit Prepaid Rent for $10,000.)
4 The company made credit purchases of office equipment for $4,300 and of office supplies for $2,100. Payment is due within 10 days.
8 The company completed work for a client and immediately received $7,000 cash.
12 The company completed a $9,200 project for a client, who must pay within 30 days.
13 The company paid $6,400 cash to settle the payable created on November 4.
19 The company paid $4,100 cash for the premium on a 24-month insurance policy.
22 The company received $3,700 cash as partial payment for the work completed on November 12.
24 The company completed work for another client for $4,010 on credit.
28 R. Kylan withdrew $6,300 cash from the company for personal use.
29 The company purchased $1,200 of additional office supplies on credit.
30 The company paid $1,100 cash for this month’s utility bill.
Required
1. Prepare general journal entries to record these transactions (use account titles listed in part 2).
2. Open the following ledger accounts—their account numbers are in parentheses (use the balance column format): Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); R. Kylan, Capital (301); R. Kylan, Withdrawals (302); Services Revenue (403); and Utilities Expense (690). Post the journal entries from part 1 to the ledger accounts and enter the balance after each posting 3. Prepare a trial balance as of the end of November.
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