Business, 05.06.2020 20:01 yousifgorgees101

Green Wave Company plans to own and operate a storage rental facility. For the first month of operations, the company has the following transactions. 1. January 1 Issue 10,000 shares of common stock in exchange for $38,000 in cash. 2. January 5 Purchase land for $22,000. A note payable is signed for the full amount. 3. January 9 Purchase storage container equipment for $8,600 cash. 4. January 12 Hire three employees for $2,600 per month. 5. January 18 Receive cash of $12,600 in rental fees for the current month. 6. January 23 Purchase office supplies for $2,600 on account. 7. January 31 Pay employees $7,800 for the first month's salaries. Required:

1. Record each transaction. Green Wave uses the following accounts: Cash, Supplies, Land, Equipment, Common Stock, Accounts Payable, Notes Payable, Service Revenue, and Salaries Expense.

2. Post each transaction to T-accounts and compute the ending balance of each account. Since this is the first month of operations, all T-accounts have a beginning balance of zero.

3. After calculating the ending balance of each account, prepare a trial balance.

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Green Wave Company plans to own and operate a storage rental facility. For the first month of operat...