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On 1 July 2018 Nicole Andreou opened a beauty parlour. The following transactions occurred during the first month of operations.
Use the following account titles and numbers: Cash at Bank, Accounts Receivable, Supplies, Equipment, Loan Payable, Nicole Andreou – Capital, Nicole Andreou – Drawings, Revenue, Rent Expense, Advertising Expense, Insurance Expense, Telephone Expense.
Required: Prepare the general journal entries to record the transactions.
Post the entries from the general journal to the correct general ledger accounts.
Prepare a trial balance as at 31 July 2018.
Prepare an Income Statement, Statement of Changes in Equity and the Balance Sheet for the period ending 31 July 2018.
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