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CALCULATOR PRINTER VERSION BACK NEXT Project 1 R1 For the past several years, Aaron Jones has operated a consulting business from his home on a part-time basis. As of December 1, 20X1, Aaron decided to move to rented quarters and incorporate his business as Progress Consulting Inc. Progress Consulting entered into the following transactions during December: 12/1 Aaron Jones invested the following assets in the business: cash, $50,000; supplies, $8,000; and office equipment, $45,000. Mr. Jones received stock in an amount equal to his investment in the corporation. 12/2 Paid $9,000 for rent for December 20X1 through February 28, 20X2. 12/3 Paid $10,800 for a one year premium on property and casualty insurance. The policy covers the period December 1, 20X1 to November 30, 20x2 12/4 Received $12,000 cash from a client as an advance payment for services to be performed in the future. 12/5 Purchased additional office equipment on account from Payne Company for $15,000. 12/10 Paid $6,500 for a newspaper advertisement that ran in today's paper 12/11 Paid Payne Company $4,000 for part of the debt incurred on December 5 12/12 Billed clients for services performed on account, $5,000. 12/17 Received cash payment from client for services performed on this date, $15,000 12/18 Paid $6,000 for supplies. 12/20 Billed clients for services performed on account, $16,000 12/24 Received cash payment from client for services performed on this date, $2,000 12/25 Received cash from clients as payment on account, $3,000 12/30 Paid $800 for utilities for December 12/31 Paid cash dividend of $6,000. (a) Prepare Journal Entries b) Post to T-Accounts (Ledgers) (c) Prepare the Trial Balance

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