Analyzing and posting transactions on to T-accounts

Reference no: EM132710830

PRACTICE PROBLEM - ANALYZING AND POSTING TRANSACTIONS ON TO T-ACCOUNTS & CREATING A TRIAL BALANCE

Christina is a photographer who owns Lola Photography (LP). This is the first month of operations. The following are the transactions for the month of September:

a. On Sept.1, Christina invested $15,000 cash into her new business

b. On Sept.12, she purchased $2,000 of equipment on credit

c. On Sept.13, she purchased $500 of equipment and paid cash

d. On Sept.18, she photographed an engagement session for $1,000 and collected cash

e. On Sept.21, she photographed a family session for $700 on credit

f. On Sept.26, she paid $1,000 regarding transaction (b) above

g. On Sept.29, she collected $300 regarding transaction (e) above

REQUIRED -

1. For each of the above transactions, determine the journal entries.

2. Open T-accounts for each of the above transactions and post the entries to the T-accounts.

3. Calculate the balance in each of the T-account.

4. Use the T-accounts to create a Trial Balance.

5. Ensure the Trial Balance balances (DR=CR).

Reference no: EM132710830

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