The following transactions occurred in January 2020 1 Jan-Opened business by investing $72,000 in cash....
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The following transactions occurred in January 2020 1 Jan-Opened business by investing $72,000 in cash. 3 Jan-Paid one year's insurance in advance, $4,800. 7 Jan- Billed customers for services rendered, $12,000. 10 Jan-Received $1,600 in advance of performing a service. 15 Jan-Received $8,800 from customers billed on 7 January. 25 Jan-Received utility bill, to be paid next month, $800. 27 Jan-Withdrawals of $4,000 were made by the owner. 30 Jan-Paid $600 on the utility bill (received on 25 Jan 2020).
Required: (a) prepare journal entries with explanations for the above transactions. Write no entry if none is needed. General Journal Page 1 Date Description Post. Ref. Debit Credit
(b) Post the journal entries to ledger (Balance Column Account format). (c) Prepare a trial balance
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