Q5 :- Solve

Question No. 05 (20 Marks) ABC Company owned by Mr.X provides consulting services. During January, the following transactions occurred: Jan. 2 Owner started business with $50,000 cash and $20,500 worth computer. Jan. 4 Office supplies were purchased on account for $4,000. Jan. 10 ABC Company obtained loan of $20,000 from the bank. Jan.12 Paid the utility bills for $2,750. Jan15. Paid $3000 of Accounts payable of office supplies on Jan 4. Jan24. Billed clients $18,300 for the advertising services. Jan27. Received $5500 from client as payment of the services provided. Jan30. Mr.x Witdraw $6000 of cash for personal use. Page 2 of 3 Instructions: a. Prepare T Accounts. b. Prepare journal entries (including explanations) for each transaction. C.Post each transaction to the appropriate ledger Accounts. d. Prepare a Trial balance dated January 31, 2020