Reference no: EM132477628

The consulting firm of Martin and Associates uses the accounts listed below. Record the opening balances as of December 1, 2019 on the normal balance side of the following T-Accounts. List of accounts with their opening balances:

Cash                                                     $6,300

Fees Income-0-Accounts Receivable             9,300

Rent Expense-0-Office Equipment                 8,800

Utilities Expense-0-Accounts Payable             7,800

Salaries Expense-0-Joan Martin, Capital     16,600 Joan Martin, Drawing -0-

The firm has the following transactions during the month of December 2019. Record the effects of these transactions in the T accounts.

1. Paid $2,300 for one month's rent.
2. Collected $6,100 in cash from credit customers.
3. Performed services for $8,300 in cash.
4. Paid $5,300 for salaries.
5. Issued a check for $4,300 to a creditor.
6. Performed services for $11,300 on credit.
7. Purchased office equipment for $2,300 on credit.
8. The owner withdrew $4,300 in cash for personal expenses.
9. Issued a check for $730 to pay the monthly utility bill.

Question 1: Post the above transactions into the appropriate T accounts.

Question 2: Using the information shown, trial balance for Martin and Associates at December 31, 2019.