Diella Management Services opens for business and completes these transactions in November.
Nov. 1 Cicely Diella, the owner, invested $30,000 cash along with $15,000 of office equipment in the
business.
2 Prepaid $4,500 cash for six months’ rent for an office. (Hint: Debit Prepaid Rent (an asset)
for $4,500.)
4 Made credit purchases of office equipment for $2,500 and of office supplies for $600.
8 Completed work for a client and immediately received $3,400 cash.
12 Completed a $10,200 project for a client, who must pay within 30 days.
13 Paid $3,100 cash to settle the payable created on November 4.
19 Paid $1,800 cash for the premium on a 24-month insurance policy.
22 Received $5,200 cash as partial payment for the work completed on November 12.
24 Completed work for another client for $1,750 on credit.
28 Cicely Diella withdrew $5,300 cash for personal use.
29 Purchased $249 of additional office supplies on credit.
30 Paid $831 cash for this month’s utility bill.
Required
1. Open the following T-accounts—Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Prepaid Rent; Office Equipment; Accounts Payable; C. Diella, Capital; C. Diella, Withdrawals; Services Revenue; and Utilities Expense. Post the transactions in the T-accounts.
2. Prepare a trial balance as of the end of November.
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