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Exercise 1: David Roberts began an business buying and selling merchandise on August 1 and...

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Accounting

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Exercise 1: David Roberts began an business buying and selling merchandise on August 1 and engaged in the following transactions during the month (the company prepare monthly financial statements): Aug. 1 a 2 3 7 17 17 21 Began business by depositing $30,000 in a bank account in the name of the company Ordered cleaning supplies, $6,000. Purchased cleaning equipment for cash, $5,600. Received the cleaning supplies ordered on August 2 and agreed to pay half the amount in 10 days and the rest in 30 days. Purchased merchandise on account from Gong Co. $19,000, terms 2/10, n/30. Paid half the amount owed on supplies received on August 7, $3,000. Sold merchandise on account $12,000, terms 3/10, n/30. The cost of the merchandise sold was $8,400. Paid Gong Co. in full Paid for utilities expenses $2,160. Paid $1,600 for salaries and wages due employees, of which $1200 is for August and the rest for September salaries and wages payable. Received collections in full from customers billed on 21 Made a cash withdrawal of $1,400. 27 28 31 31 31 Required: 1. Record transactions in General Journal 2. Post the transactions to General Ledgers 3. Prepare Trial Balance for August, 2020 1 trn 2

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