Question: This problem can be used in conjunction with Problem Refer to

This problem can be used in conjunction with Problem. Refer to Problem.

During June, 2010, the business completed these transactions:
a. Rodriguez Resources received cash of $8,600 and issued common stock.
b. Performed services for a customer and received cash of $6,500.
c. Paid $4,700 on accounts payable.
d. Purchased supplies on account, $600.
e. Collected cash from a customer on account, $200.
f. Consulted on the design of a computer system and billed the customer for services rendered, $2,700.
g. Recorded the following expenses for the month:
(1) Paid office rent $900;
(2) Paid advertising $800.
h. Declared and paid a cash dividend of $2,300.

1. Journalize the transactions of Rodriguez Resources, Inc. Explanations are not required.
2. Prepare T-accounts for each account. Insert in each T-account its May 31 balance as given (example: Cash $1,450). Then, post the June transactions to the T-accounts.
3. Compute the balance in eachaccount.

  • CreatedDecember 10, 2012
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