On 1 Dec 2021, Mike established the XYZ Startup, which develops apps. During December XYZ Startup Company completed following transactions:

1. Dec 1, Zhanat invested in XYZ Startup Company, $ 10000
2. Dec 3, Paid for office equipment, $600
3. Dec 4, Purchased supplies on account, $790
4. Dec 5, Paid for newspaper ad, $100
5. Dec 8, Received fees from customers, $2000
6. Dec 14, Paid creditors, $200
7. Dec 11, Billed customers for the app developed, $1300
8. Dec 18, Received cash from customers on account, $500
9. Dec 22, Determined that the cost of supplies used was $300
10. Dec 25, Paid salaries, $1690

REOUIRED:

1. Record transactions using a journal entry
2. Post to a t-account
3. Prepare a trial balance, Income statement, Statement of Owner's Equity, Balance sheet and Statement of Cash Flows.

Answer rating: 100% (QA)

Journal Entries Dec 1 Cash 10000 Zhanats Capital 10000 Dec 3 Office Equipment 600 Cash 600 Dec 4 Supplies 790 Accounts Payable 790 Dec 5 Advertising E... View the full answer