Journalize the following transactions for the month of July:

July 1	K. Elliot deposited $10,000 in the bank in the name of the business (Elliot Company).
2	The business paid the monthly office rent, $500.
3	The business purchased office equipment on account, $1,500.
5	The business received consulting fees of, $750.
18	The business paid the monthly telephone bill, $75.
25	K. Elliot withdrew $200 for personal use.
30	The business purchased supplies for $1,000, paying $500 in cash and the rest on account.

For a compound transaction, If an amount box does not require an entry, leave it blank.

Post the journal entries from Step 2 to the following general ledger accounts:

Assets		Liabilities		Revenue
111 Cash		221 Accounts Payable		411 Consulting Fees
115 Supplies				512 Rent Expense
124 Equipment		Owner's Equity		515 Telephone Expense
		311 K. Elliot, Capital
		312 K. Elliot, Drawing

If an amount box does not require an entry, leave it blank.

The trial balance consists of a listing of account balances in two columns-one labeled Debit and one labeled Credit. The balances come from the ledger accounts. The Debits should equal the Credits.

Prepare a trial balance from the ledger accounts in Step 3. If an amount box does not require an entry, leave it blank.

K. Elliot Company

Trial Balance

Answer rating: 100% (QA)

Journalizing the Transactions for the Month of July ELLIOT COMPANY General Journal For the Month of ... View the full answer