Prepare trial balance and post-closing trial balance

Assignment Help Financial Accounting

Reference no: EM133084985

Financial and Management Accounting

Assignment - Mar 1, 1990. Ann Hill operated a photographic business in her home on a part -time basis. On Mar 1, 1990 She decided to move to rented quarters as of March 1 and to devote full time the business which was to be known as Hill photographic studio. The following assets were invested in the enterprise; cash, 3500, accounts Receivable 950 supplies 1200; and photographic equipment 15000.

There were no liabilities transferred to the business.
• March 1. Paid 2400 on for 3 moths office rent
• March 4. Purchased photographic equipment on account for 2500
• March 5. Received 850 from credit customers
• March 6. Paid 125 for advertisement( Miscell.exp)
• March 10. Paid 500 to settle March 4 debt
• March 13. Paid 575 for two weeks' salary
• March 16. Received 1,980 from sale of service
• March 20. Paid 650 for supplies purchase
• March 27. Paid 575 for two weeks' salary
• March 31. Paid 69 for telephone bill for the month
• March 31. Paid 175 for electric bill for the month
• March 31. Received 1870 from sales of service
• March 31. Make sales on account for 1,675.
• March 31. Hill withdrew 1500 for her personal use
• March 31. Recorded depreciation on photographic equipment @ 1%

NOTE: Advertising expense, Electric expense, and telephone expense are classified as miscellaneous expense
Based on the above information, answer the questions below.
• Journalize transactions
• Post transaction
• Prepare trial Balance
• Pass Adjusting entry
• Prepare financial statements
• Journalize closing entry
• Prepare post-closing trial balance

Attachment:- Financial and Management Accounting.rar

Reference no: EM133084985

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