Abe Factor opened a new accounting practice called X - Factor Accounting and completed these activities during March 2 0 2 0 2 0

Abe Factor opened a new accounting practice called X$-$Factor Accounting and completed these activities during March $2020$:

Mar. I Invested $$50,000$ in cash and office equipment that had a fair value of $$12,000.$

$1$ Prepaid $$9,000$ cash for three months rent for an office.

$3$ Made credit purchases of used office equipment for $$6,000$ and office supplies for $$1,200.$

$5$ Completed work for a client and immediately received $$6,200$ cash.

$9$ Completed a $$4,000$ project for a client, who will pay within $30$ days.

$11$ Paid the account payable created on March $3.$

$15$ Paid $$3,000$ cash for the annual premium on an insurance policy.

$20$ Received $$1,500$ as partial payment for the work completed on March $9.$

$22$ Placed an order with a supplier for $$4,800$ of supplies to be delivered April $7.$ They must be paid for within $15$ days of being received.

$23$ Completed work for another client for $$2,850$ on credit.

$27$ Abe Factor withdrew $$3,600$ cash from the business to pay some personal expenses.

$30$ Purchased $$650$ of additional office supplies on credit.

$31$ Paid $$860$ for the month's utility bill.

Required

Page $136$

Prepare journal entries to record the transactions.

Problem $2-5$A Posting, preparing a trial balance LO$4,5,6$

CHECK FIGURE: $3.$ Total Dr$.=$$$75,700$

Required

Using the journal entries prepared in $\frac{?}{{?}_{\frac{?}{?}}}$ Problem $2-4$A$.$ complete the following:

Set up the following accounts $($use the balance column format or T$-$accounts$)$: Cash $(101)$; Accounts Receivable $(106)$; Office Supplies $(124)$; Prepaid Insurance $(128)$; Prepaid Rent $(131)$; Office Equipment $(163)$; Accounts Payable $(201)$; Abe Factor, Capital $(301)$; Abe Factor, Withdrawals $(302)$; Accounting Revenue $(401)$; and Utilities Expense $(690).$

Post the entries to the accounts and enter the balance after each posting.

Prepare a trial balance as of the end of the month.