Calculate the balance in each of the t-account

Assignment Help Accounting Basics

Reference no: EM132719082

Question: 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: EM132719082

Questions Cloud

Prepare the adjusting journal entries to adjust the notes : Sale of inventory on January 2, 20x5 on the following terms: blended payments of principal and interest of 4% over 5 years with the first payment due.

Strengths and weaknesses of the brocks : What would you view as the strengths and weaknesses of the Brocks' financial situation at this stage in their lives?

What is the mean percentage change : If you believed that the currency's value would continue following the recent trend, would it appreciate or depreciate in the near future?

How would convince company shareholders that spending money : How would convince company shareholders that spending money on the environment, instead of paying dividends, will have a positive effect on the bottom line

Calculate the balance in each of the t-account : Practice problem: analyzing and posting transactions on to T-Accounts & creating a trial balance Christina is a photographer who owns Lola Photography (LP).

What are the most common abuses that companies engage : What are the most common abuses that companies engage in that betray customer trust? What are the ethical and legal implications?

What is the adjusting entry to be made : Ye Olde Christmas shop signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on October.

How maximum flow method works in real world scenarios : Explain why for them or find other example(s) to explain it so we can better understand how maximum flow method works in real world scenarios?

Determine the non-current portion of the note payable : Included in DAO Corporation's liability account balances at December 31, 20x6 was a Note payable for 2,800,000. The principal amount of the note payable.

User Account

All Pages