Journalizing transactions and preparing a trial balance

Reference no: EM131814784

Question: Journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance The following transactions occurred during the month for Tori Peel, CPA:

Jun. 1 Peel opened an accounting firm by contributing $13,500 cash and office furniture with a fair market value of $5,400 in exchange for common stock.

5 Paid monthly rent of $1,300.

9 Purchased office supplies on account, $800.

14 Paid employee's salary, $1,700.

18 Received a bill for utilities to be paid next month, $250.

21 Paid $600 of the accounts payable created on June 9.

25 Performed accounting services on account, $5,900. 28 Paid cash dividends of $6,900.

Requirements: 1. Open the following four-column accounts of Tori Peel, CPA: Cash, 110; Accounts Receivable, 120; Office Supplies, 130; Office Furniture, 140; Accounts Payable, 210; Utilities Payable, 220; Common Stock, 310; Dividends, 320; Service Revenue, 410; Salaries Expense, 510; Rent Expense, 520; Utilities Expense, 530.

2. Journalize the transactions, and then post the journal entries to the four-column accounts. Explanations are not required for the journal entries. Keep a running balance in each account. Assume the journal entries are recorded on page 10 of the journal.

3. Prepare the trial balance as of June 30, 2016.

Reference no: EM131814784

Questions Cloud

What are the motives behind those who would use : Does the broad access to external resources by business create a need to re-evaluate the concepts of internal and external or trusted and untrusted networks?

Challenging for an average hr department : Select the compliance issue that you believe is the most challenging for an average HR department. Provide a rationale with your response.

Focus people toward performance of work activities : "The manager's most basic responsibility is to focus people toward performance of work activities to achieve desired outcomes."

Economic importance of noctiluca : Economic Importance of Noctiluca, Obelia, Plumularia, Metridium, Millepora

Journalizing transactions and preparing a trial balance : Journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance The following transactions occurred during the month.

What guidelines might you suggest for university decision : To whom do they have a responsibility? What guidelines might you suggest for university decision makers?

Leadership style of bill gates-steve job : Summarize the role of effective leadership in organization and identify the leadership style of Bill Gates & Steve Job?

Why do organizations outsource : Why do organizations outsource? Are there viable alternatives to outsourcing? Will the practice increase or decrease in the next five years?

Cost of the product or service to your company : How would you support this with an example of your product or service to substantiate your position?

User Account

All Pages