Ans Doc 51

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Chin Consulting Service engaged in the following transactions during March 1996, its first month of operations:
Mar . 1 Rudy Chin invested $59,000 of cash to start the business.
2 He purchased office supplies of $200 on account.
4 He paid $40,000 cash for a building to use as a future office.
6 He performed service for customers and received cash, $2,000.
9 He paid $100 on accounts payable.
17 He performed service for customers on account, $1,600.
23 He received $1,200 cash from a customer on account.
31 He paid the following expenses: salary, $1,200; rent, $500.
Record the preceding transactions in the journal of Chin Consulting Service.
Post the entries to the ledger.
Prepare the trial balance of Chin Consulting Service.
Prepare the financial statements.