Kelvin Real Estate Inc. had the following transactions until March 2022 in its first month of operations:
(a) Issued 5,000 shares of capital stock for $75,000 cash.
(b) Paid 3.000 for office rentfor March.
(c) Purchased office equipmentfor $9,750; paid $2,000 cash and issued a note for the remainder.
(d) Sold a real estate and billed clients $3,000. The entire amountwill not be collected until May
(e) Recorded $100 utilities expensefor March. Payment is due onApril 20.
Instructions:
1. Record the above transactions in the T accounts.
2. Post each entry to the appropriate ledger accounts.
3. Prepare a trial balance dated January 31, 2011.

Answer rating: 100% (QA)

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