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College Axia Material Appendix C Journalizing, Posting, and Preparing a Trial Balance Journalizing the Transactions Use this template to journalize the transactions for Jane Kent, Inc. The first two lines are completed for you. You might not require all the lines provided. GENERAL JOURNAL J1 DATE ACCOUNT TITLE AND EXPLANATION REF. DEBIT CREDIT Cash 101 25,000 May 1 Common Stock 311 25,000 3-May Supplies 126 $2,500 Accounts Payable (for supplies "Read Supply Co.) 201 $2,500 7-May Rent Expenses 729 $900 Cash (May's rent) 101 $900 11-May Accounts Receivable 112 $2,100 Service Revenue (as billed to client for tax services) 400 $2,100 12-May Cash 101 $3,500 Unearned Revenue (management consulting advance) 205 $3,500 17-May Cash 101 $1,200 Service Revenue (Cash for service to H.Arnold Co.) 400 $1,200 31-May Salary Expense 726 $2,000 Cash(Secretary-receptionist salary for May) 101 $2,000 31-May Accounts Payable (for supplies "Read Supply Co.) 201 $1,000 Cash (40% Payment to Read Supply Co.) 101 $1,000 a) General Journal Axia College Material Appendix C Journalizing, Posting, and Preparing a Trial Balance Posting the Accounts Post the ledger accounts for Jane Kent, Inc. on this General Ledger. The first line of the cash account is completed for you. Complete the remaining lines in the cash account, and the other eight accounts. You have nine accounts altogether. GENERAL LEDGER Cash DATE EXPLANATION REF. 1-May-2008 Cash-Common Stock (shares of stock for cash)J1 May-7-2008 Paid Rent J2 May-12-2008 Received advance on management consulting J3 May-17-2008 Received for service from H. Arnold Co. J4 May-31-2008 Paid Secretary-Receptionist salary for May J5 May-31-2008 Paid to Read's Supply Company towards balance J6 Accounts Receivable DATE EXPLANATION May-11-2008 Billed to client for tax services Supplies DATE May-3-2008 EXPLANATION REF. J1 REF. J1 DEBIT CREDIT 25,000 $900 $3,500 $1,200 $2,000 $1,000 DEBIT CREDIT $2,100 DEBIT $2,500 Accounts CREDIT Payable DATE EXPLANATION REF. DEBIT CREDIT May-3-2008 Supplies-Accounts Payable(Supplies on Read'sJ1 Account) $2,500 J1 $1,000 Unearned Revenue DATE EXPLANATION May-12-2008 Advance on Management Consulting Common Stock DATE EXPLANATION May-1-2008 Shares of stock for cash Service Revenue DATE EXPLANATION May-11-2008 Billed client for tax assignment service May-17-2008 Cash for service provided to H. Arnold Co. Salaries Expense DATE EXPLANATION May-31-2008 Secretary-Receptionist Salary for May REF. J1 REF. J1 REF. J1 J1 REF. J1 DEBIT CREDIT $3,500 CREDIT $25,000 CREDIT $2,100 $1,200 DEBIT DEBIT DEBIT CREDIT $2,000 b) Ledger Accounts Rent Expense DATE EXPLANATION May-7-2008 Paid rent for month of May REF. J1 DEBIT CREDIT $900 b) Ledger Accounts ing a Trial Balance s General Ledger. The first line of the cash account is completed for you. and the other eight accounts. You have nine accounts altogether. No. 101 BALANCE 25,000 $24,100 $27,600 $28,800 $26,800 $25,800 No. 112 BALANCE $2,100 No. 126 BALANCE $2,500 No. 201 BALANCE $2,500 $1,500 No. 205 BALANCE $3,500 No. 311 BALANCE $25,000 No. 400 BALANCE $2,100 $3,300 No. 726 BALANCE $2,000 b) Ledger Accounts No. 729 BALANCE $900 b) Ledger Accounts Axia College Material Appendix C Journalizing, Posting, and Preparing a Trial Balance Preparing a Trial Balance Prepare a trial balance dated May 31, 2008 for Jane Kent, Inc. Debit and Credit totals are double-underlined. You can place summation formulas in F17 and G17 to compute debit and credit totals. Otherwise, you can compute totals using a calculator, then enter totals directly. JANE KENT, INC. Trial Balance 31-May-08 Ref. Cash Accounts Receivable Supplies Accounts Payable Unearned Revenue Common Stock Service Revenue Salaries Expense Rent Expense Totals DEBIT CREDIT 101 $25,000 112 $2,100 126 $2,500 201 $1,500 205 $3,500 311 $25,000 400 $3,300 726 $2,000 729 $900 $33,000 $33,000 c) Trial Balance ... View Full Document

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