Jackson Enterprises Is a New Company Organized as a Sole

question 149

Essay

Jackson Enterprises is a new company organized as a sole proprietorship.The following transactions occurred during the first month of business.
a)Received $15,000 cash from the owner,Marjorie Johnson,in exchange for capital.
b)Paid the first month's rent with $800 cash.
c)Purchased equipment by paying $4,000 cash and executing a note payable for $4,000.
d)Purchased office supplies for $200 cash.The supplies remain at the end of the month.
e)Billed clients for a total of $7,000 for design services rendered.
f)Received $1,000 cash from clients for services rendered above.
Required:
1.Prepare journal entries and post the journal entries to T-accounts.
2.Prepare a trial balance at the end of the first month using the above transactions.

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Definitions:

United States Census

A decennial count required by the U.S. Constitution that records the number of people living in the United States, as well as demographic information, used for political representation and federal funding allocation.

Face-to-face Interview

A method of collecting data or conducting an inquiry where an interviewer and respondent engage in a direct conversation in person.

Self-administered Questionnaire

A method of data collection where respondents complete the questionnaire on their own without the direct involvement of a researcher or interviewer.

Independent Variable

In experimental and observational studies, a variable that is manipulated or observed to determine its effects on a dependent variable.