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Q.3 Following is a series of transactions undertaken by Georgea Browne to start her business . as a wedding planner, called GB, Weddings and Social Events Planning Co:

March 1- Ms Browne sold some investments for $25,000, and invested $20,000 of the proceeds in the new business

- Ms Browne, paid $4,800 for the first six months lease on an office from which to operate her business [Prepaid Rent];]

- Ms Browne paid $250, the first monthly lease payment, to lease a car for the first ear of the business. [Use Auto Lease Expense]

March 5 - Signed a contract with her first clients to plan their wedding, and accepted a down payment of $6,500[Unearned Revenue]. The wedding is six months later.

March 10- Accepted $10,000 in cash from a company to plan a private event dinner on March 25^th [ Unearned Revenue]

March 14- Hired a firm of caterers to assist her in food preparation. The agreement required a deposit of $3,500 from Ms Browne to Bell Caterers, for services to be performed at a . later date[Prepaid Catering Services]

March 15 Purchased computer equipment at Staples for $5,000; office supplies - $1,200; office furniture for $2,500. She paid cash for all of the purchases

March 18 - Hired Jada Lee to be her assistant. Ms Lee will be paid $500.00 per week- [No Entry . required]

March 20 Paid $2,400 for an insurance policy for the next year starting on March 21 [ Prepaid . Insurance]

March 24 - Paid Jada Lee her weekly wages - $500.

March 25 Ms Browne completed the work for the private event started on March 10, and

. paid Bell Caterers the remaining sum of money, $1500, for their services.

Required:

Prepare the journal entries for the above transactions : [25 marks]

Post the above journal entries to the T-accounts and prepare a trial balance [15 marks]

[ T-accounts have been provided, but you will need to add some accounts]

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