This assignment was locked Oct 17 at 11:59pm.

P3-2A. Transaction Entries, Posting, Trial Balance, and Adjusting Entries The Wellness Catering Service had the following transactions in July, its first month of operations:

July 1 Kelly Foster contributed $18,000 of personal funds to the business in exchange for common stock.

2 Purchased the following items for cash from a catering firm that was going out of business (make a compound entry): delivery van, $3,780; equipment, $3,240; and supplies, $1,700.

3 Paid premium on a one-year liability insurance policy, $2,160.

4 Entered into a contract with a local service club to cater weekly luncheon meetings for one year at a fee of $750 per month. Received eight months fees in advance.

5 Paid rent for July, August, and September, $2,340.

6 Paid employees two weeks wages (five-day week), $1,700.

7 Billed customers for services rendered, $5,000.

8 Purchased supplies on account, $3,400.

9 Paid employees two weeks wages, $1,800.

10 Paid July bill for gas, oil, and repairs on delivery van, $850.

11 Collected $3,700 from customers on account.

12 Billed customers for services rendered, $4,800.

13 Foster received a $2,000 dividend.

Required

a. Set up a general ledger that includes the following accounts: Cash; Accounts Receivable; Supplies; Prepaid Rent; Prepaid Insurance; Delivery Van; Accumulated DepreciationDelivery Van; Equipment; Accumulated DepreciationEquipment; Accounts Payable; Wages Payable;Unearned Catering Fees; Common Stock; Dividens; Catering Fees Revenue; Wages Expense;

b. Record July transactions in the general journal and post to the ledger accounts