214A Preparing general journal entries LO3, 5 Abe Factor opened a new accounting practice called X-Factor Accounting and completed these activities during March 2020: Mar. 1 Invested $50,000 in cash and office equipment that had a fair value of $12,000. 1 Prepaid $9,000 cash for three months' rent for an office. 3 Made credit purchases of used office equipment for $6,000 and office supplies for $1,200. Completed work for a client and immediately received $6,200 cash. 5 9 Completed a $4,000 project for a client, who will pay within 30 days. 11 Paid the account payable created on March 3. 15 Paid $3,000 cash for the annual premium on an insurance policy. 20 Received $1,500 as partial payment for the work completed on March 9. 22 Placed an order with a supplier for $4,800 of supplies to be delivered April 7. They must be paid for within 15 days of being received. 23 Completed work for another client for $2,850 on credit. 27 Abe Factor withdrew $3,600 cash from the business to pay some personal expenses. 30 Purchased $650 of additional office supplies on credit. 31 Paid $860 for the month's utility bill. 135 Requireu riepare journal entries w record the transactions. Problem 2-5A Posting, preparing a trial balance LO4, 5, 6 CHECK FIGURE: 3. Total Dr.= $75,700 Required Using the journal entries prepared in Problem 2-4A, complete the following: 1. Set up the following accounts (use the balance column format or T-accounts): Cash (101); Accounts Re- ceivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); Abe Factor, Capital (301); Abe Factor, Withdrawals (302); Accounting Rev- enue (401); and Utilities Expense (690). 2. Post the entries to the accounts and enter the balance after each posting. 3. Prepare a trial balance as of the end of the month. 284~ ~85