You have been given the assignment to read Beer School: Bottling Success at The Brooklyn Brewery. Upon completion of reading this informative book dealing with this real life rags to riches entrepreneurial….
Prepare entries to record these transactions in journal form.
Carmen Dahlen opened a secretarial school called Star Office Training.March 2, 2019 Dahlen contributed the following assets to the business: Cash K5,700,Computers 5,000 & Office Equipment 3,600March 4. Found a location for her business and paid the first month’s rent, K260.March 5. Paid for an advertisement announcing the opening of the school, K190.March 7. Received applications from three students for a four-week secretarial program and twostudents for a ten-day keyboarding course. The students will be billed a total of K1,300.March 10. Purchased supplies on credit, K330.March 11. Billed the enrolled students, K2,040.March 13. Purchased a second-hand computer, K480, and office equipment, K380, on credit.March 19. Paid for the supplies purchased on credit in e, K330.March 20. Paid cash to repair a broken computer, K40.March 26. Received partial payment from students previously billed, K1,380.March 27. Paid the utility bill for the current month, K90.March 28. Paid an assistant one week’s salary, K440.March 29. Made a cash withdrawal of K300.
Required1. Prepare entries to record these transactions in journal form.
2. Set up the following T accounts and post all the journal entries: Cash; Accounts Receivable;Supplies; Accounts Payable; Dahlen, Capital; Dahlen, Withdrawals; Rental Revenue; WagesExpense; Maintenance Expense; Repair Expense; and Concession Fee Expense.3. Prepare a trial balance for Dahleb as of March 31, 2019.4. Prepare Income statement for Dahlen as of March 31, 2019.5. Prepare Statement of Owners Equity.
6. Prepare Balance sheet as of March 31, 2019.