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Hipsters Co

Accounting

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Hipsters Co. had the following transactions for the month of October 2021. Perform a quick analysis of the transactions and show trial balance for Hipsters Co. as at 31 October 2021.

Oct 1 Owner invested $60,000 cash and equipment valued at $20,000 into the business.

3 Purchased $12,000 of equipment on account.

5 Purchased $500 of supplies for cash.

10 Bought a lorry, paying $3,000 in cash and signing a note for $15,000 loan.

14 Performed services for a customer for $2,500 cash.

15 Paid employee wages of $3,800.

18 Paid $3,000 on the equipment purchased on Oct 3.

24 Performed services for a customer on account, $5,500.

27 Collected $1000 from the customer of Oct 24.

30 Owner withdrew $500 for personal use.