Please help me ABC corporation, a service firm, start their business on June 1, 2022. During thefirst month of operation, these events and transaction occurred?1. Borrowing money from bank of $500,000 cash and having a 3-year note.1-Prepaid office rent of $14,100 for the next 12 months.5-Received $5,200 advance on a management consulting engagement6 Discussed a job will start next month with $1,000 per month.$800 of supplies on account from BBB before 16.6.6.Purchased11. Completed a consulting service and billed client $2,000 for services provided.15 Earned revenue of $ 9,000, of which 70% is collected in cash and the balance(remainder) is due in the next month.16 Paid 90% of balance due from BBB. Ask the remaining for one more week.17 Received cash of $3,600 for services completed for Dad Co.21 Paid utilities bills $60030 Paid the staff $5,000 salary for the month.Instructionsa) Journalize the transactions, including explanations.b) Post to the ledger T accounts.c) Prepare a trial balance on June 30, 2022.

Journal Entry In accordance with the double-entry accounting method, journal entries are created in…

Answered: 30 Paid the staff $5,000 salary for the…

30 Paid the staff $5,000 salary for the month. Instructions a) Journalize the transactions, including explanations. b) Post to the ledger T accounts. c) Prepare a trial balance on June 30, 2022.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 16EA: Discuss how each of the following transactions for Watson, International, will affect assets,...

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