FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Journalizing transactions, posting
The trial balance of John Menning, CPA, is dated March 31, 2018:
During April, the business completed the following transactions:
Requirements
- Record the April transactions in the journal using the following accounts: Cash;
Accounts Receivable ; Office Supplies; Land; Furniture; Automobile; Accounts Payable; Unearned Revenue; Common Stock; Dividends; Service Revenue; Salaries Expense; and Rent Expense. Include an explanation for each entry. - Open the four-column ledger accounts listed in the trial balance, together with their balances as of March 31. Use the following account numbers: Cash, 11; Accounts Receivable, 12; Office Supplies, 13; Land, 14; Furniture, 15; Automobile, 16; Accounts Payable, 21; Unearned Revenue, 22; Common Stock, 31; Dividends, 33; Service Revenue, 41; Salaries Expense, 51; and Rent Expense, 52.
- Post the journal entries to four-column accounts in the ledger, using dates, account numbers, journal references, and posting references. Assume the journal entries were recorded on page 5 of the journal.
- Prepare the trial balance of John Menning, CPA, at April 30, 2018.
Transcribed Image Text:JOHN MENNING, CPA
Trial Balance
March 31, 2018
Balance
Account Title
Debit
Credit
Cash
$ 17,000
Accounts Receivable
10,500
Office Supplies
1,200
Land
29,000
Furniture
Automobile
Accounts Payable
$ 3,800
Unearned Revenue
Common Stock
46,200
Dividends
Service Revenue
11,200
Salaries Expense
2,500
Rent Expense
1,000
Total
$ 61,200
$ 61,200
Transcribed Image Text:Apr. 4 Collected $6,000 cash from a client on account.
8 Performed tax services for a client on account, $5,500.
13 Paid $3,300 on account.
14 Purchased furniture on account, $4,000.
15 Menning contributed his personal automobile to the business in exchange
for common stock. The automobile had a market value of $11,500.
18 Purchased office supplies on account, $1,600.
19 Received $2,750 for tax services performed on April 8.
20 Paid cash dividends of $7,500.
21
Received $4,900 cash for consulting work completed.
24 Received $2,500 cash for accounting services to be completed next month.
27 Paid office rent, $900.
28 Paid employee salary, $1,200.
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