Jackson Enterprises is a new company organized as a sole proprietorship.The following transactions occurred during the first month of business.
a)Received $15,000 cash from the owner,Marjorie Johnson,in exchange for capital.
b)Paid the first month's rent with $800 cash.
c)Purchased equipment by paying $4,000 cash and executing a note payable for $4,000.
d)Purchased office supplies for $200 cash.The supplies remain at the end of the month.
e)Billed clients for a total of $7,000 for design services rendered.
f)Received $1,000 cash from clients for services rendered above.
Required:
1.Prepare journal entries and post the journal entries to T-accounts.
2.Prepare a trial balance at the end of the first month using the above transactions.

Question

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The Answer of Jackson Enterprises is a new company organized as a sole proprietorship.The following transactions occurred during the first month of business.
a)Received $15,000 cash from the owner,Marjorie Johnson,in exchange for capital.
b)Paid the first month's rent with $800 cash.
c)Purchased equipment by paying $4,000 cash and executing a note payable for $4,000.
d)Purchased office supplies for $200 cash.The supplies remain at the end of the month.
e)Billed clients for a total of $7,000 for design services rendered.
f)Received $1,000 cash from clients for services rendered above.
Required:
1.Prepare journal entries and post the journal entries to T-accounts.
2.Prepare a trial balance at the end of the first month using the above transactions.

Jackson Enterprises Is a New Company Organized as a Sole