Selected transactions from the journal of Ann Wong, investment broker, are presented below (amounts in thousands).
Question:
Selected transactions from the journal of Ann Wong, investment broker, are presented below (amounts in ¥ thousands).a. Post the transactions to T-accounts.
b. Prepare a trial balance at August 31, 2020.
Transcribed Image Text:
Account Titles and Explanation Date Ref. Debit Credit Cash Aug. 5,000 Owner's Capital (Owner's investment of cash in business) 5,000 10 Cash 2,600 2,600 Service Revenue (Received cash for services performed) 12 Equipment 5,000 Cash 2,300 Notes Payable (Purchased equipment for cash and notes payable) 2,700 25 Accounts Receivable 1,700 Service Revenue 1,700 (Billed clients for services performed) 31 Cash 900 Accounts Receivable 900 (Receipt of cash on account)
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Related Book For
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
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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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