Problem

Start-Up BusinessOn June 1, 2016, Ashley Jackson opened the Leadership Talent Agency. He p...

Start-Up Business

On June 1, 2016, Ashley Jackson opened the Leadership Talent Agency. He plans to use the chart of accounts given below.

INSTRUCTIONS

1. Journalize the transactions. Be sure to number the journal pages and write the year at the top of the Date column. Include a description for each entry.
2. Post to the ledger accounts. Before you start the posting process, open the accounts by entering the account names and numbers in the headings. Using the list of accounts below, assign appropriate account numbers and place them in the correct order in the ledger.
3. Prepare a trial balance.
4. Prepare the income statement.
5. Prepare a statement of owner’s equity.
6. Prepare the balance sheet.
ACCOUNTS
Accounts Payable
Office Furniture
Accounts Receivable
Advertising Expense
Cash
Fees Income
Ashley Jackson, Capital
Ashley Jackson, Drawing
Recording Equipment
Rent Expense
Salaries Expense
Supplies
Telephone Expense
Utilities Expense