Problem #$1$

NAME:

Strand Corp is just starting business in $2023$ and had the following transactions:

Invested $$250,000$ into the business in return for No Par Common Stock

Sold $$300,000$ worth of services, $70\%$ on account, $30\%$ for cash

Purchased supplies inventory on account, $$15,000$

Purchased delivery van for $$70,000,$ borrowed $80\%$ from the bank, the remainder paid in cash

Collected $$175,000$ from customers previously sold to on account

Paid the following expenses: wages $$150,000,$ utilities $$15,000,$ rent $$35,000$

Paid $50\%$ of what they owed the bank

Invested an additional $$75,000$ into the business in return for No Par Common Stock

REQUIRED:

Make the Journal Entries for the transactions above $($no explanations necessary$)-16$pts

Post journal entries to Ledgers, show balances in each account $("$T$"$ accounts$)-8$pts

Prepare a Trail Balance $($with a final total for debits & credits$)-6$ pts