Based on the Following Transactions That Occurred During 2019, Prepare

question 129

Essay

Based on the following transactions that occurred during 2019, prepare a trial balance dated December 31, 2019, for Wellman Water Services
a)Randy Wellman invested $13,000 cash in the business.
b)Purchased $500 of supplies on account.
c)Bought equipment on account, $5,000.
d)Performed $6,000 of services on account.
e)Performed $3,000 of services for cash.
f)Paid $3,000 on equipment purchased in transaction c.
g)Paid salaries to employees for the current period, $2,500.

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Definitions:

Secretly Buys

The act of purchasing something in a manner that conceals the identity of the buyer or the details of the transaction.

Independent Contractor

A person or entity contracted to perform work for another entity as a non-employee, offering services under terms specified in a contract.

Per-Project Basis

A form of employment or contract work where tasks are completed and paid for individually, rather than ongoing employment.

Chef

A professional cook, typically the chief cook in a restaurant or hotel, responsible for menu planning, food preparation, and kitchen management.