Concept explainers
Journalizing transactions, posting
preparing a
Learning Objectives 3, 4
3. Total Debits $24,670
The following transactions occurred during the month for Teresa Parker, CPA:
Jun. 1 | Parker opened an accounting firm by contributing $13,200 cash and office furniture with a fair market value of $5,300 in exchange for capital. |
5 | Paid monthly rent of $1,300. |
9 | Purchased office supplies on ccount, $600. |
14 | Paid employees salary, $1,900. |
18 | Received a bill for utilities to be paid next month, $370. |
21 | Paid $500 of the accounts payable created on June 9. |
25 | Performed accounting services on account, $5,700. |
28 | Parker withdrew cash of $6,700. |
Requirements
1. Open the foIlowing four-column accounts of Teresa Parker, CPA: Cash, 110;
2. Journalize the transactions, and then post the journal entries to the four-column accounts. Explanations are not required for the journal entries. Keep a running balance in each account. Assume the journal entries are recorded on page 10 the Journal.
3. Prepare the trial balance as of June 30, 2018.
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EBK HORNGREN'S ACCOUNTING
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