On November 1, 201X, Barbie Riley opened Barbies Art Studio. The following transactions occurred in November: 201X
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:
Chart of Accounts Owner's Equity 311 Barbie Riley, Capital 312 arbie Riley, Withdrawals Revenue 411 Expenses 511 Electrical Expense 521 531 Telephone Expense Assets Cash Accounts Receivable Prepaid Rent Art Supplies 112 114 121 131 Equipment Liabilities 211 Art Fees Earned Accounts Payable Salaries Expense
Step by Step Answer:
a b BARBIES ART STUDIO GENERAL JOURNAL Date 201X Account Titles and Description PR Dr Cr NOV 1 Cash 111 6 0 0 0 00 Barbie Riley Capital 311 6 0 0 0 00 Owner investment 1 Prepaid Rent 114 3 6 0 0 00 Ca...View the full answer
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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