Cocal service company, started its business on December 1, 2020. During the first month of...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Cocal service company, started its business on December 1, 2020. During the first month of operation, these events and transaction occurred? Dec. 1 Borrowing money from bank of $800,000 cash and having a 3-year note. 2 Hired a vice director at a salary of $500 per week. 2 Paid office rent in advance of $11,500 for the whole year (12 months). 6 Purchased $500 for a computer on account from ABC Company. 9 Earned revenue of $ 6000, of which $ 4200 is collected in cash and the balance (remainder) is due in the next month. 11 Completed a specific job and billed client $ 1000 for services provided. 14 Had a payment of utilities $900 15 Received $4,200 advance for consulting service 17 Received cash of $4,400 for services completed for Willey Co. 31 Paid the vice director $ 1,200 salary for the month. 31 Paid 30% of balance due ABC Company, Instructions a) Journalize the transactions, including explanations. b) Post to the ledger T accounts. c) Prepare a trial balance on December 31, 2020.
Previous questionNext question
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
