Aprapr 8 performed tax services for a client on

This preview shows page 24 - 29 out of 32 pages.

Apr.Apr. 8: Performed tax services for a client on account, $ 4 comma 900$4,900.
Apr.Apr. 13: Paid $ 2 comma 200$2,200 on account.
Apr.Apr. 14: Purchased furniture on account, $ 4 comma 000$4,000.
Apr.Apr. 15: MenningMenning contributed his personal automobile to the business. The automobile had a market value of $ 7 comma 500$7,500.
Apr.Apr. 18: Purchased office supplies on account, $ 1 comma 200$1,200.
Accounts Payable211,200Purchased office supplies on account.Apr.Apr. 19: Received $ 2 comma 450$2,450 for tax services performed on AprilApril 8.DateAccounts and ExplanationPost.Ref.DebitCreditApr. 19Cash112,450Accounts Receivable122,450Received cash on account.Apr.Apr. 20: MenningMenning withdrew cash of $ 3 comma 500$3,500.DateAccounts and ExplanationPost.Ref.DebitCreditApr. 20Menning, Withdrawals333,500Cash113,500Owner withdrawal.Apr.Apr. 21: Received $ 1 comma 800$1,800 cash for consulting work completed. DateAccounts and ExplanationPost.Ref.DebitCreditApr. 21Cash111,800Service Revenue411,800Performed services and received cash.Apr.Apr. 24: Received $ 2 comma 400$2,400 cash for accounting services to be completed next month.
DateAccounts and ExplanationPost.Ref.DebitCreditApr. 24Cash112,400Unearned Revenue222,400Collected cash for future services.Apr.Apr. 27: Paid office rent, $ 900$900.DateAccounts and ExplanationPost.Ref.DebitCreditApr. 27Rent Expense52900Cash11900Paid cash expenses.Apr.Apr. 3030: Paid employee salary, $ 1 comma 000$1,000.DateAccounts and ExplanationPost.Ref.DebitCreditApr. 28Salaries Expense511,000Cash111,000Paid cash expenses.Requirement 2. The four-column ledger accounts listed in the trial balance, together with their balances as of MarchMarch 3131, have been opened for you and utilize the following account numbers: Cash, 11; Accounts Receivable, 12; Office Supplies, 13; Furniture, 14; Automobile, 15; Land, 16; Accounts Payable, 21; Unearned Revenue, 22; MenningMenning, Capital, 31; MenningMenning, Withdrawals, 33; Service Revenue, 41; Salaries Expense, 51; and Rent Expense, 52. Post the transactions to four-column accounts in the ledger, using dates, account numbers, journal references, andposting references. Assume the journal entries were recorded on page 5 of the journal.(Compute the new balance for each account after posting each transaction.)CASHAccount No. 11Balance
DateItemPost. Ref.DebitCreditDebitCredit2017Mar. 31Balance16,000 Apr. 4J51,50017,500Apr. 13J52,20015,300Apr. 19J52,45017,750Apr. 20J53,50014,250Apr. 21J51,80016,050Apr. 24J52,40018,450Apr. 27J590017,550Apr. 28J51,00016,550ACCOUNTS RECEIVABLEAccount No. 12BalanceDateItemPost. Ref.DebitCreditDebitCredit2017Mar. 31Balance10,500 Apr. 4J51,500

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture