Bus 230A Prob3-2A

Bus 230A Prob3-2A - P3-2Aa.Record the journal entry for each transaction.DebitCredit1Cash60,000Common stock60,000 2Grooming supplies20,000 Accounts

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Unformatted text preview: P3-2Aa.Record the journal entry for each transaction.DebitCredit1Cash60,000Common stock60,000 2Grooming supplies20,000 Accounts payable20,000 3Operating Expenses12,000 Cash12,000 4Accounts receivable60,000 Service revenue60,000 5Utility expense15,000 Cash15,000 6Salaries expense17,500 Cash17,500 7Accounts payable17,000 Cash17,000 8Cash25,000 Accounts receivable25,000 9Dividends5,000 Cash5,000 P3-2A(continued)b.Set up T-accounts and post the journal entries to the accounts.160,00012,0003825,00015,0005717,00020,000217,500617,00075,000918,5003,000460,00025,000860,000135,00060,000220,00095,00020,0005,00060,0004312,00060,00012,000617,500515,00017,50015,000CashAccounts ReceivableSalaries ExpenseUtilities ExpenseService RevenueOperating ExpensesAccounts PayableCommon StockGrooming SuppliesDividendsP3-2A(continued)c.Prepare a trial balance.Shelby Dog Grooming CorporationTrial balanceDecember 31, 2006DebitCreditCash$18,500 Accounts Receivable35,000 Grooming Supplies20,000 Accounts Payable$3,000...
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This note was uploaded on 04/16/2008 for the course BUS 230A taught by Professor S during the Spring '08 term at Sonoma.

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Bus 230A Prob3-2A - P3-2Aa.Record the journal entry for each transaction.DebitCredit1Cash60,000Common stock60,000 2Grooming supplies20,000 Accounts

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