DelaWare incurred the following transcations during July 2011, its first month o

Question

DelaWare incurred the following transcations during July 2011, its first month of operations:

July 1 The owner, Sue Ware, invested 5,000 $ Cash
10 Purchased 2,500$ worth of equipment on credit
12 Performed services for a client and recieved 10,000$ cash
14 Paid for expenses 3,500$
15 Completed services for a client and sent a bill for 1,500$
31 The owner withdrew 250$ cash for personal use

1) Create a General Ledger by setting up the following accounts: Cash, 101; Accounts receivable ,106; Equpiment , 150; Accounts payble , 201; Sue Ware, Capital, 301; Sue Ware, Withdrawls, 302; Revenue, 401; Expenses, 501

2)Journalize the july transcations in the General Journal

3) Post he July transcations from your General Journal into your General Ledger accounts

4) Prepare a trial balance on the balances in your General Ledger accounts

5) Prepare an income statment, statment of changes in equity, and balance sheet based on your trial Balance?

Please Help me, I was sick for a week and my friend told me an assigment is due for tomrow. Please help me as much as you can. Thanks you so much

Explanation / Answer

Journal Entries DR (CR) Jul 1 - Cash 5,000 Sue Ware, Capital (5,000) Jul 10 Equipment 2,500 Accts Payable (2,500) Jul 12 Cash 10,000 Revenues (10,000) Jul 14 Expenses 3,500 Cash (3,500) Jul 15 Accts Rec 1,500 Revenues (1.500) Jul 31 Sue Ware Withdrawal 250 Cash (250) _______________________ Gen Ledger T Accts: 101-Cash DR's 5,000 10,000 CR's 3,500 250 106-Accts Rec DR's 1,500 150-Equipment DR's 2,500 201-Accts Pay CR's 2,500 301-Sue Ware Cap CR 5,000 302-Sue Ware W/drawal DR. 250 401-Revenues CR's 10,000 1,500 501-Expenses DR's 3,500 _________________________________________ TRIAL BALANCE CASH 11,250 ACCOUNTS RECE 1,500 EQUIPMENT 2,500 ACCTS PAY (2,500) SUE WARE, CAPITAL (5,000) SUE WARE, WITHDRAWAL 250 REVENUES (11,500) EXPENSES 3,500 TOTAL DR'S 19,000 TOTAL CR'S (19,000) ______________________________________ Income Statement Revenues 11,500 Less: Expenses 3,500 Net Income 8,000 _____________________________________ Balance Sheet Assets: Cash 11,250 Accounts Receivable 1,500 Equipment 2,500 Total Assets 15,250 Liabilities and Owners Capital Liability: Accounts Payable 2,500 Total Liability 2,500 Owner's Capital: Sue Ware, Capital 5,000 Add: Net income 8,000 Total 13,000 Less: Sue Ware withdrawal 250 Total Owner's Capital 12,750 Total Liabilities and Owner's Capital 15,250 ____________________ Statement of Changes in Owner's Equity Sue Ware, Capital 5,000 Add: Net income 8,000 Total 13,000 Less: Sue Ware withdrawal 250 Total Owner's Capital 12,750

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