1. Record each transaction in the journal using the following account titles: Cash;...
60.1K
Verified Solution
Link Copied!
Question
Accounting
1.
Record each transaction in the journal using the following account titles: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Land; Furniture; Accounts Payable; Utilities Payable; Unearned Revenue; Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; and Utilities Expense. Explanations are not required.
2.
T-accounts have been opened for each of the accounts. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account
Bal.
3.
Prepare the trial balance of Doris Stanford,Designer, as of September30 , 2018.
Sep. 1 4 6 7 Pai 10 14 15 17 20 25 28 29 30 30 30 30 Received $50,000 cash and issued common stock to Stanford. Purchased office supplies, $400, and furniture, $1,600, on account. Performed services for a law firm and received $1,800 cash. Paid $26,000 cash to acquire land to be used in operations. Performed services for a hotel and received its promise to pay the $1,700 within one week. Paid for the furniture purchased on September 4 on account. Paid assistant's semimonthly salary, $1,420. Received cash on account, $1,300. Prepared a design for a school on account, $950. Received $1,500 cash for design services to be performed in October. Received $2,400 cash for consulting with Plummer & Gordon. Paid $1,320 cash for a 12-month insurance policy starting on October 1. Paid assistant's semimonthly salary, $1,420. Paid monthly rent expense, $950. Received a bill for utilities, $450. The bill will be paid next month. Paid cash dividends of $4,000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!