Prepare a trial balance of stephanie stouse

Assignment Help Financial Accounting

Reference no: EM1312496

Preparation of journal and posting the transactions to ledgers.

The trial balance of Stephanie Stouse, Registered Dietician, at October 31, 2007, follows.

Acct. #	Account Title	Debit	Credit
11	Cash	$3000
12	Accounts Receivable	8000
13	Supplies	600
14	Equipment	15000
21	Accounts Payable		$4600
31	Stephanie Stouse, Capital		22000
32	Stephanie Stouse, withdrawals
41	Service Revenue
51	Salary Expense
52	Rent Expense
	Total	26600	26600

During November, Stouse completed the following transactions.
Nov 4 Collectec $6,000 cash from a client on account
7 Performed a nutritional analysis for a hospital on account, $5,700.
12 Used personal funds to pay for the renovation of private residence, $55,000
16 Purchase supplies on account, $800
19 Withdrew $2,100 for personal use
20 Paid on account $2,600
24 Received $1,900 cash for consulting with Kraft Foods
30 Paid rent $700
30 paid employee salary 2,000

Requirements:
Record the November transactions in a journal
Post the balances and the transactions to the ledger accounts ("T" accounts)
Prepare a trial balance of Stephanie Stouse, Registerd Dietician at November 30, 2007.
Part 2
Explain in an essay format of the above situation

Reference no: EM1312496

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