Question

On November 1, 201X, Barbie Riley opened Barbie’s Art Studio. The following transactions occurred in November:
201X
Nov. 1 Barbie Riley invested $6,000 in the art studio.
1 Paid three months’ rent in advance, $3,600.
3 Purchased $1,800 of equipment from Brasa Co. on account.
5 Received $8,000 cash for art-training workshop for teachers.
8 Purchased $350 of art supplies for cash.
9 Billed Walter Co. $4,000 for group art lesson for its employees.
10 Paid salaries of assistants, $500.
15 Barbie withdrew $300 from the business for her personal use.
28 Paid electrical bill, $130.
29 Paid telephone bill for November, $210.
Your tasks are to do the following:
a. Set up the ledger based on the following chart of accounts.
b. Journalize (journal is page 1) and post the November transactions.
c. Prepare a trial balance as of November 30, 201X.
The chart of accounts for Barbie’s Art Studio is asfollows:


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  • CreatedApril 24, 2014
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