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Cocal service company, started its business on December 1, 2020. During the first month of...

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Accounting

Cocal service company, started its business on December 1, 2020. During the first month of operation, these events and transaction occurred? Dec. 1 Borrowing money from bank of $800,000 cash and having a 3-year note. 2 Hired a vice director at a salary of $500 per week. 2 Paid office rent in advance of $11,500 for the whole year (12 months). 6 Purchased $500 for a computer on account from ABC Company. 9 Earned revenue of $ 6000, of which $ 4200 is collected in cash and the balance (remainder) is due in the next month. 11 Completed a specific job and billed client $ 1000 for services provided. 14 Had a payment of utilities $900 15 Received $4,200 advance for consulting service 17 Received cash of $4,400 for services completed for Willey Co. 31 Paid the vice director $ 1,200 salary for the month. 31 Paid 30% of balance due ABC Company, Instructions a) Journalize the transactions, including explanations. b) Post to the ledger T accounts. c) Prepare a trial balance on December 31, 2020.

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