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For the following transactions shown below, you are required to 1) prepare the journal entries, 2)...

For the following transactions shown below, you are required to 1) prepare the journal entries, 2) post the T-accounts, and 3) extract the trial balance. Newbell Dry Cleaning Company opened its business bank account by depositing $60,000 on August 1. Purchased supplies for $1,100 cash Purchased dry cleaning equipment from Sears Corporation for $17,500, making a down payment of $7,500 cash. The remainder is placed on account. Paid rent for the month in the amount of $4,12 Cash sales for the month were $9,250. Paid salaries of $1,875 cash. Paid Sears $2,500 cash on account. The cost of supplies used for the month was $300. On August 1, the company purchased insurance costing $12,000 (12 months). Adjust the books to reflect insurance consumed for the month as $1,000.

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ekkarill92 answered 2 years ago
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