:a) Journalize the listed transactions

Sudipta Gumm invested $50,000 cash in the capital stock of the newly formed .1
.corporation

Debit: Cash $50,000

Credit: Capital Stock $50,000

.Hired an administrative assistant, to be paid $6,000 per month .2

Debit: Salery Expense $6,000

Credit: Cash $6,000

.Leased office space at the rate of $2,000 per month .3

Debit: Rent Expense $2,000

Credit: Cash $2,000

.Signed a contract with Bangalore to deliver consulting services valued at $15,000 .4

Debit: Accounts Receivable $15,000

Credit: Revenues $15,000

.Purchased (and immediately used) office supplies on account for $1,500 .5

Debit: Supplies Expense $1,500

Credit: Accounts Payable $1,500

.Received $5,000 from Bangalore for work performed to date .6

Debit: Cash $5,000

Credit: Accounts Receivable $5,000

.Paid $2,400 for travel costs associated with consultation work .7

Debit: Travel Expense $2,400

Credit: Cash $2,400

 .Provided services on account to Amalga for $6,000 .8

Debit: Accounts Receivable $6,000

Credit: Revenues $6,000

.Paid $3,000 to administrative assistant for salary .9

Debit: Salery Expense $3,000

Credit: Cash $3,000

.Billed Wheel for $8,000 consulting engagement performed .10

Debit: Accounts Receivable $8,000

Credit: Revenues $8,000

.The company paid Sudipta Gumm a $2,000 dividend .11

Debit: Dividends $2,000

Credit: Cash $2,000

.Collected 50% of the amount due for the billing on June 23 .12

Debit: Cash $4,000 (50% of $8,000)

Credit: Accounts Receivable $4,000 (50% of $8,000)

.Purchased computer furniture for $8,000, paying $2,000 down .13

Debit: Equipment $8,000

Credit: Cash $2,000

Credit: Accounts Payable $6,000

.Paid $1,500 on the open account relating to the June 8 purchase .14

Debit: Accounts Payable $1,500

Credit: Cash $1,500

.Completed the Bangalore job and billed the remaining amount .15
 Debit: Accounts Receivable $10,000 ($15,000 - $5,000 received)

Credit: Revenues $10,000

.Paid $3,000 to administrative assistant for salary .16

Debit: Salery Expense $3,000

Credit: Cash $3,000

.Paid rent for June, $2,000 .17

Debit: Rent Expense $2,000

Credit: Cash $2,000

:b) Post the transactions to the appropriate general ledger accounts

:General Ledger Accounts

:Cash .1

Debit: $50,000 (Investment by Sudipta Gumm)

Credit: $6,000 (Salary payment to administrative assistant)

Credit: $2,000 (Rent payment)

Debit: $5,000 (Received from Bangalore)

Debit: $2,400 (Travel costs payment)

Debit: $3,000 (Salary payment to administrative assistant)

Debit: $2,000 (Dividend payment to Sudipta Gumm)

Debit: $4,000 (Collection from Wheel)

Debit: $2,000 (Purchase of computer furniture)

Debit: $1,500 (Payment on open account)

Debit: $10,000 (Remaining amount billed from Bangalore)

Credit: $1,500 (Payment on open account)

Credit: $4,000 (Collection from Wheel)

Credit: $50,000 (Investment by Sudipta Gumm)

 :Accounts Receivable .2

Debit: $15,000 (Contract with Bangalore)

Debit: $6,000 (Services provided to Amalga)

Debit: $8,000 (Billing to Wheel)

Credit: $5,000 (Received from Bangalore)

Debit: $10,000 (Remaining amount billed from Bangalore)

Credit: $4,000 (Collection from Wheel)

:Equipment .3

Debit: $8,000 (Purchase of computer furniture)

:Accounts Payable .4

:Credit: $1,500 (Purchase of office suppliesContinuation

:Capital Stock .5

Credit: $50,000 (Investment by Sudipta Gumm)

:Revenues .6

Credit: $15,000 (Contract with Bangalore)

Credit: $6,000 (Services provided to Amalga)

Credit: $8,000 (Billing to Wheel)

Credit: $10,000 (Remaining amount billed from Bangalore)

:Salary Expense .7

Debit: $6,000 (Salary payment to administrative assistant)

Debit: $3,000 (Salary payment to administrative assistant)

Debit: $3,000 (Salary payment to administrative assistant)

:Rent Expense .8

Debit: $2,000 (Rent payment)

 :Travel Expense .9

Debit: $2,400 (Travel costs payment)

:Supplies Expense .10

Debit: $1,500 (Purchase of office supplies)

:Dividends .11

Debit: $2,000 (Dividend payment to Sudipta Gumm)

:c) Prepare a trial balance as of June 30

Pryor Consulting Trial Balance - June 30

)$( Account | Debit ($) | Credit |

Cash | 53,400 |
Accounts Receivable | 30,000 |
Equipment | 8,000 |
Accounts Payable | 1,500 |
Capital Stock | 50,000 |
Revenues | 39,000 |
Salary Expense | 12,000 |
Rent Expense | 2,000 |
Travel Expense | 2,400 |
Supplies Expense | 1,500 |
Dividends | 2,000 |

Total | 161,300 | 41,500 |