Question: I've journalized a balance sheet but not sure it is correct? can someone show me transactions transactions, post, and a trial balance? P3-5B Bob Royce
I've journalized a balance sheet but not sure it is correct? can someone show me transactions transactions, post, and a trial balance?
P3-5BBob Royce incorporated Royce Consulting, an accounting practice, on May 1, 2014. During the first month of operations, these events and transactions occurred.May1Stockholders invested $100,000 cash in exchange for common stock of the corporation.
2Hired a secretary-receptionist at a salary of $2,500 per month.
3Purchased $800 of supplies on account from Pickering Supply Company.
7Paid office rent of $1,400 for the month.
11Completed a tax assignment and billed client $2,500 for services performed.
12Received $4,200 advance on a management consulting engagement.
17Received cash of $3,300 for services completed for Woodman Co.
31Paid secretary-receptionist $2,500 salary for the month.
31Paid 50% of balance due Pickering Supply Company.
The company uses the following chart of accounts: Cash, Accounts Receivable, Supplies, Accounts Payable, Unearned Service Revenue, Common Stock, Service Revenue, Salaries and Wages Expense, and Rent Expense.
Instructions
(c)Cash $103,200
Tot. trial balance $110,400
(a)Journalize the transactions, including explanations.
(b)Post to the ledger T-accounts.
(c)Prepare a trial balance on May 31, 2014.
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