The Golden Nursery School Company provides baby-sitting and child-care programs. On January 31, 2011, the company had the following trial balance:

During the month of February, the company completed the following transactions:

Required:

1. Open accounts in the ledger for the accounts in the trial balance plus the following ones: Supplies (116); T. Kuo, Withdrawals (313); Service Revenue (411); Rent Expense (514); Gas and Oil Expense (510); Wages Expense (511); and Utilities Expense (512).

2. Enter the January 31, 2011, account balances from the trial balance.

3. Enter the above transactions in the general journal (Pages 17 and 18).

4. Post the entries to the ledger accounts. Be sure to make the appropriate posting references in the journal and ledger as you post.

5. Prepare a trial balance as of February 28, 2011.

6. Examine the transactions for February 3, 9, 10, and 22, What were the revenues, and how much cash was received from the revenues? What business issue might you see arising from the differences in these numbers?

Transcribed Image Text:

Golden Nursery School Company Trial Balance January 31, 2011 $ 2,070 Cash (111) Accounts Receivable (113) Equipment (146) Buses (148) 1,700 1,040 17,400 $15,000 Notes Payable (211) Accounts Payable (212) T. Kuo, Capital (311) 1,640 5,570 $22,210 $22,210 Golden Nursery School Company Trial Balance January 31, 2011 $ 2,070 Cash (111) Accounts Receivable (113) Equipment (146) Buses (148) 1,700 1,040 17,400 $15,000 Notes Payable (211) Accounts Payable (212) T. Kuo, Capital (311) 1,640 5,570 $22,210 $22,210

Answer rating: 100% (QA)

Supplies Ac Post Refer Amount Date 116 Date Particulars Particulars Post Amount 116 3 To Accounts pa... View the full answer