The consulting firm of Martin and Associates uses the accounts listed below. On a separate...
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Accounting
The consulting firm of Martin and Associates uses the accounts listed below. On a separate sheet of paper, set up T accounts for each of the accounts listed and record the balances as of December 1, 20X1 on the normal balance side of the accounts.
Cash
$
5,400
Joan Martin, Capital
15,700
Accounts receivable
8,400
Joan Martin, Drawing
-0-
Prepaid rent
-0-
Fees income
-0-
Office equipment
7,900
Utilities expense
-0-
Accounts payable
6,000
Salaries expense
-0-
The firm has the following transactions during the month of December 20X1. Record the effects of these transactions in the T accounts.
Paid $1,400 for one month's rent.
Collected $5,200 in cash from credit customers.
Performed services for $7,400 in cash.
Paid $4,400 for salaries.
Issued a check for $3,400 to a creditor.
Performed services for $10,400 on credit.
Purchased office equipment for $1,400 on credit.
The owner withdrew $3,400 in cash for personal expenses.
Issued a check for $640 to pay the monthly utility bill.
Post the above transactions into the appropriate T accounts.
Using the information shown, prepare a trial balance for Martin and Associates at December 31, 20X1 before any adjusting entries are made.
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