Long Beach Services, Inc. is the company you started on November 1, 2017. The fo

Question

Long Beach Services, Inc. is the company you started on November 1, 2017. The following transactions occurred during the month of November 2017 1. The business was started with a S50,000 capital investment from the sole shareholder on November 1, 2017 2. A lease agreement was signed on November 1, 2017 that included free rent for the month of November 2017, but required rent of $8,000 due on the 1 of each month along with a security deposit of S5,000. A payment of $13,000 was made on November 1st. The following business transaction occurred during the month ended December 2017 3. Equipment was purchased on account on December 2 for S12,000 4. Services were performed on December 10 for $25,000 in cash. 5. The company signed a note payable with a bank for $20,000 with the balance deposited into the company's account on December 12. No payments are due on the note until maturity in December 2022. Interest of S150 monthly is due monthly with the first interest payment (S150) due on January 1, 2018 6. A S2,500 payment for salaries of was made on December 15 to the administrative assistant who earns $5,000/month. 7. Supplies of $1,500 were purchased on December 20 for cash. 8. A client made a payment of S3,000 to the company on December 22, however, only S1,000 of work was performed in December 2017 9. A utility bill from SCE was received on December 26 for $500 for services beginning December 1 through December 24 Journalize the above transactions in proper journal entry form (excluding explanations) (18 Points) You assembled the following data in early January 2018:

Explanation / Answer

2.

Trial Balance as on 31 dec 2017

3.fINANCIAL STATEMENT FROM NOV 2017 TO DEC 2017

1000

4.

Cash at bank

Prepaid rent

Supplies a/c

Accumulated depreciation

Service revenue

1. In $ Date Gl name Debit Credit 01-Nov-17 Cash at bank 50,000.00 To Common stock 50,000.00 01-Nov-17 Security Deposit     5,000.00 Prepaid Rent     8,000.00 To Cash at bank 13,000.00 31-Dec-17 Rent     8,000.00 To Prepaid Rent     8,000.00 02-Dec-17 Equiment a/c dr 12,000.00 To Cash at bank 12,000.00 10-Dec-17 Cash at bank 25,000.00 To service Revenue 25,000.00 12-Dec-17 Cash at bank 20,000.00 To Note payable 20,000.00 15-Dec Salaries Expenses     2,500.00 To Cash at bank     2,500.00 20-Dec-17 Supplies     1,500.00 To Cash at bank     1,500.00 22-Dec-17 Cash at bank     3,000.00 To Advance from customer a/c dr     2,000.00 To service revenue     1,000.00 26-Dec-17 Utility expenses        500.00 To Cash at bank        500.00 31-Dec Interest Expenses        150.00 To Interest payable        150.00 31-Dec-17 Legal Expenses     2,000.00 To Legal Expenses payable     2,000.00 31-Dec-17 Unbilled account Recievable 20,000.00 To Service Revenue 20,000.00 31-Dec-17 Salaries Expenses     2,500.00 To Salaries Payable     2,500.00 31-Dec-17 Depreciation     1,000.00 To Accured depreciation on Equiment     1,000.00 31-Dec-17 Supplies (Bs)        500.00 To Supplies(p&l)        500.00 31-Dec-17 Utility expenses        200.00 To Utility Expenses payable        200.00

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