Calculate the balance in each of the t-account

Reference no: EM132675390

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:

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

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

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

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

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

Reference no: EM132675390

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