1.Record revenues $30,000 in cash and an additional $25,000 billed but not received
2.Record loan proceeds of $100,000
3.Record client retainer received of $5,000
4.Record the following cash payments:
a.Purchase a computer $2,000
b.Rent $1500
c.Postage $50
d.Payroll $2500
e.Client costs advanced $150
f.Loan payment of $5000
g.Distribution to Shareholders of $10,000
5.Record the following credit card charges
a.Meals $150
b.Office supplies $500
6.Record bank charges of $10
7.Record interest on loan of $450
8.Close books to Income summary
9.Post income to retained earnings
10.Prepare balance sheet and income statement and statement of owner’s equity