Question: During the first month of operations September 2014 Holt Music

During the first month of operations (September 2014), Holt Music Services Corporation completed the following selected transactions:
a. The business received cash of $50,000 and a building with a fair value of $107,000. The corporation issued common stock to the stockholders.
b. Borrowed $60,000 from the bank; signed a note payable.
c. Paid $47,000 for music equipment.
d. Purchased supplies on account, $450.
e. Paid employees’ salaries, $6,100.
f. Received $3,790 for music services performed for customers.
g. Performed services for customers on account, $12,800.
h. Paid $100 of the account payable created in transaction d.
i. Received a $700 bill for utility expense that will be paid in the near future.
j. Received cash on account, $1,600.
k. Paid the following cash expenses: (1) rent, $1,400; (2) advertising, $400.

1. Record each transaction directly in the T-accounts without using a journal. Use the letters to identify the transactions.
2. Prepare the trial balance of Holt Music Services Corporation at September 30, 2014.

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  • CreatedJuly 25, 2014
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