Reference no: EM132473591

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                        $5,600                               Fees Income-0

Accounts Receivable  8,600                                Rent Expense-0

Office Equipment       8,100                              Utilities Expense-0-

Accounts Payable     6,400                             Salaries Expense-0-

Joan Martin, Capital  15,900                           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.

Point 1: Paid $1,600 for one month's rent.

Point 2: Collected $5,400 in cash from credit customers.

Point 3: Performed services for $7,600 in cash.

Point 4: Paid $4,600 for salaries.

Point 5: Issued a check for $3,600 to a creditor.

Point 6: Performed services for $10,600 on credit.

Point 7: Purchased office equipment for $1,600 on credit.

Point 8: The owner withdrew $3,600 in cash for personal expenses.

Point 9: Issued a check for $660 to pay the monthly utility bill.

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

Question 2: Using the information shown, how do you prepare a trial balance for Martin and Associates at December 31, 2019.