Martin Berk began an accounting firm called Berks Accounting on May 1 of the current year. Record the following May transactions by making the appropriate entries in the general journal. Next, prepare a trial balance as of May 31.
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Part A |
Martin invested $20,000 cash and a computer valued at $2,000. |
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Part B |
Purchased $6,000 of office furniture from a supplier on credit. |
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Part C |
Completed accounting work for a client and received $2,000 cash in full payment. |
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Part D |
Paid the supplier of the office furniture 50% of the balance owing. |
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Part E |
Completed $3,000 of accounting work for a client on credit. |
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Part F |
Martin withdrew $3,500 cash from the business for personal use. |
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Part G |
Received $2,000 cash as partial payment for the accounting work completed for the client in E. |
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Part H |
Paid $1,200 cash for the secretarys salary. |
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