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Strand Corp is just starting business and had the following transactions:Invested $150,000 into the business in return for Common Stock (no par...
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
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)