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Strand Corp is just starting business and had the following transactions: 1.Invested $150,000 into the...

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Accounting

Strand Corp is just starting business and had the following transactions:

1.Invested $150,000 into the business in return for Common Stock (no par value)

2.Sold $200,000 worth of services, 50% on account, 50% for cash

3.Purchased supplies inventory on account, $15,000

4.Purchased computer system for $20,000, borrowed 50% from the bank, the remainder paid in cash

5.Collected $70,000 from customers previously sold to on account

6.Paid the following expenses: wages $50,000, utilities $10,000, rent $25,000

7.Paid the bank back 50% of what they owed the bank

REQUIRED:

Make the Journal Entries for the transactions above (no explanations necessary)

Post journal entries to Ledgers, show balances in each account (T accounts)

Prepare a Trail Balance (with final totals)

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