Fang Sun opened a financial services firm on March 1, 2013. During the month of March, the business completed the following transactions:
Mar 1 The business sold $40,000 shares to open the firm, Sun & Associates, Inc.
3 Purchased supplies, $400, and furniture, $2,100, on account.
5 Performed financial service for a client and received cash, $1,700.
8 Paid cash to acquire land for a future office site, $18,000.
11 Prepared tax returns for a client on account, $500.
14 Paid assistant’s salary, $1,100.
16 Paid for the furniture purchased March 3 on account.
19 Received $800 cash for accounting services performed.
23 Billed a client for $1,300 of accounting services.
28 Received $300 from client on account.
31 Paid assistant’s salary, $900.
31 Paid rent expense, $1,200.
31 Paid $1,800 of dividends.
1. Open, or set up, the following T-accounts: Cash, Accounts Receivable, Supplies, Furniture, Land, Accounts Payable, Common Shares, Dividends, Service Revenue, Salary Expense, and Rent Expense.
2. Journalize transactions. Explanations are not required.
3. Post the transactions to the T-accounts, using transaction dates as posting references.
4. Calculate the balance in each account.
5. Prepare the trial balance for Sun & Associates, Inc. at the end of March.

  • CreatedJuly 08, 2015
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