College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
ANALYSIS OF TRANSACTIONS Charles Chadwick opened a business called Charlie’s Detective Service in January 20--. Set up T accounts for the following accounts: Cash; Accounts Receivable; Office Supplies; Computer Equipment; Office Furniture; Accounts Payable; Charles Chadwick, Capital; Charles Chadwick, Drawing; Professional Fees; Rent Expense; and Utilities Expense.
The following transactions occurred during the first month of business. Record these transactions in T accounts. After all transactions are recorded, foot and balance the accounts if necessary.
- (a) Invested cash in the business, $30,000.
- (b) Bought office supplies for cash, $300.
- (c) Bought office furniture for cash, $5,000.
- (d) Purchased computer and printer on account, $8,000.
- (e) Received cash from clients for services, $3,000.
- (f) Paid cash on account for computer and printer purchased in transaction (d), $4,000.
- (g) Earned professional fees on account during the month, $9,000.
- (h) Paid cash for office rent for January, $1,500.
- (i) Paid utility bills for the month, $800.
- (j) Received cash from clients billed in transaction (g), $6,000.
- (k) Withdrew cash for personal use, $3,000.
TRIAL BALANCE Based on the transactions recorded in Exercise 3-7A, prepare a trial balance for Charlie’s Detective Service as of January 31, 20--.
Prepare a trial balance for C Detective Service as of January 31, 20--.
Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular form with two column, debit and credit. It checks the mathematical accuracy of the ledger postings and helps preparing the final accounts.
Prepare a trial balance for C Detective Service as of January 31, 20--:
| C Detective Service | ||
| Trial Balance | ||
| January 31, 20-- | ||
| Â | ||
| Account Title | Balance | |
| Â | Debit ($) | Credit ($) |
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