Entrepreneur, Steven Mills opens Mills Consulting business on January 1st, 2021 Required: A. Prepare...
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Accounting
Entrepreneur, Steven Mills opens Mills Consulting business on January 1st, 2021
Required:
A. Prepare the needed journal entries to record the transactions below for January - the first month of operations
B. Post to the ledger
C. Prepare the trial balance
D. Record the needed adjusting entries and complete the worksheet
E. Prepare an income statement, equity statement, and balance sheet in proper format on behalf of Mills Consulting for the month ended January 31, 2021.
January Transactions
1. Invests $10,000 to begin his business
1. Pays $4,500 for a three-month insurance policy
3. Rents an office and pays $1,000 rent for January
6. Borrows $12,000 from the bank for his business
8. Buys supplies on account for $1,200 for XYZ supplies
15. Receives $15,000 for consulting services
20. Pays $700 of the balance due to XYZ Supplies
28. Pays $200 for the telephone for January
28. Pays $450 for utilities for January
28. Pays wages of $1,000 to employees
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