The Following Transactions Have Been Journalized and Posted to the Proper

question 118

Essay

The following transactions have been journalized and posted to the proper accounts.Prepare a trial balance in good form.
a.Edward Wilson invested $8,000 cash in his new landscaping business.
b.The business paid the first month's rent with $300 cash.
c.The business purchased equipment by paying $2,000 cash and executing a note payable for $3,000.
d.The business purchased supplies for $200 cash.
e.The business billed clients for a total of $1,000 for design services rendered.
f.The business received $750 cash from clients for services rendered above.
g.The owner took a withdrawal of $2,000.
$$\begin{array} { | l | l | l | } \hline \text { Account Title } & \text { Debit } & \text { Credit } \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline\end{array}$$

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Definitions:

Classification

The process of organizing data, objects, or information into categories or groups based on shared characteristics or criteria.

Normal Balance

The side (debit or credit) of an account that is typically increased. For assets and expenses, it's the debit side; for liabilities, equity, and income, it's the credit side.

Office Supplies

Items used in offices for daily operations, such as stationery, paper, and computer supplies.

Accounts Payable

Accounts payable are liabilities of a company that represent its obligations to pay off short-term debts to its creditors or suppliers.