Meo Consulting, Inc. completed the following transactions during February 2013, its first month of operations:
Feb 2 Sold 6,500 shares for $65,000 to DaPing Meo to start the consulting practice.
3 Paid monthly office rent, $800.
6 Paid cash for a new computer, $1,900.
8 Purchased office furniture on account, $2,500.
11 Purchased supplies on account, $500.
19 Performed consulting service for a client on account, $2,700.
20 Paid utility expenses, $450.
28 Performed service for a client and received cash for the full amount of $2,000.
1. Record transactions in the journal. Explanations are not required.
2. Create the necessary T-accounts and post the transactions to the T-accounts. Identify all items by date. Calculate the balance in each account.
3. Prepare a trial balance at February 28, 2013.
4. Prepare the income statement, statement of changes in equity, and statement of financial position.