During the first month of operations, Barron Environmental Services, Inc., completed the following transactions:

Required
Set up the following T-accounts: Cash, Accounts Receivable, Supplies, Furniture, Land, Accounts Payable, Common Stock, Dividends, Service Revenue, Salary Expense, and Utilities Expense.
1. Record each transaction in the journal, using the account titles given. Key each transaction by date. Explanations are not required.
2. Post the transactions to the T-accounts, using transaction dates as posting references. Label the ending balance of each account Bal., as shown in the chapter
3. Prepare the trial balance of Barron Environmental Services, Inc., at September 30 of the current year.
4. Barron asks you how much in total resources the business has to work with, how much it owes, and whether September was profitable (and by how much).

Transcribed Image Text:

Sept. Received $20,000 cash and issued common stock. 3 4 Purchased supplies, $800, and furniture, $1,800, on account. 6 Performed services for a client and received $5,000 cash. 7 10 Paid $15,000 cash to acquire land for an office site. Worked for a client, billed the client, and received her promise to pay the $600 within 1 week. 14 Paid for the furniture purchased September 4 on account 16 Paid the telephone bill, $200. 17 Received partial payment from client on account, $500. 24 28 Paid the water and electricity bills, $400. Received $1,500 cash for helping a client meet environmental 30 30 Paid secretary's salary, $1,200. Declared and paid dividends of $2,000.