Jackson Enterprises Is a New Corporation

Essay

Jackson Enterprises is a new corporation. The following transactions occurred during the first month of business.
Prepare journal entries and post the journal entries to T-accounts.
Prepare a trial balance at the end of the first month using the following transactions.
a) Received $15,000 cash and issued common stock.
b) Paid the first month's rent with $800 cash.
c) Purchased equipment by paying $4,000 cash and executing a note payable for $4,000.
d) Purchased office supplies for $200 cash. The supplies remain at the end of the month.
e) Billed clients for a total of $7,000 for design services rendered.
f) Received $1,000 cash from clients for services rendered above.