Fran Stein started an environmental consulting company and during the first month of operations (February 2021) the company carried out the following transactions:
1. Stein started the business with a $42,000 cash investment and a building worth $25,000. The company provided $67,000 of capital to Stein.
2. Purchased office supplies on credit, $2,200.
3. You paid $19,000 for office furniture.
4. Paid the employee's salary, $2,000.
5. Provided consulting services on credit, $3,100.
6. You paid $700 from the account payable that was created in transaction b).
7. You received a bill for $600 for advertising expense that will be paid in the near future.
8. Provided a consulting service for clients and received cash, $800.
9. Received cash on account, $1,300.
10. Paid the following expenses in cash:
(1) Rent on the equipment, $900.
(2) General services, $800.
11. The owner withdrew $2,900.

Is required
1. Open the following accounts with four columns: Cash; accounts receivable; Office supplies; Office furniture; Building; Accounts payable; Fran Stein, Capital; Fran Stein, Retreats; Service revenues; Salary expenses; Rent expense; Advertising expense; General service expenses.
2. Record each transaction in the journal.
3. Make the transfer to the ledger accounts and maintain a current balance for each account.
4. Prepare the trial balance for Stein Environmental Consulting Company as of February 29, 2021.

Answer rating: 100% (QA)

Here are the journal entries and trial balance for the transactions Journal Entries 1 Cash 42000 Cap... View the full answer