Question: please solve this question and do not use excel! Recording Business Transactions Learning Objectives 3, 4 4. Total Debits $50.050 4 6 -P2-30A Journalizing transactions,
Recording Business Transactions Learning Objectives 3, 4 4. Total Debits $50.050 4 6 -P2-30A Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Doris Stewart started her practice as a design consultant on September 1, 2015. During the first month of operations, the business completed the following transactions: Sep 1 Received $42,000 cash and gave capital to Stewart Purchased office supplies, $700, and furniture, 51,900, on account Performed services for a law firm and received $1,400 cash. 7 Paid $24,000 cash to acquire land to be used in operations 10 Performed services for a hotel and received its promise to pay the $1,000 within one week 34 Paid for the furniture purchased on September 4 on account 15 Paid assistant's semimonthly salary, 51,490 17 Received cash on account, $400 20 Prepared a design for a school on account, $700. 25 Received 51,800 cash for design services to be performed in October 28 Received $2,100 cash for consulting with Plummer & Gordon 29 Paid $1,200 cash for a 12-month insurance policy starting on October 1, 30 Paid assistant's serimonthly salary, 51,490 30 Paid monthly rent expense, $650. 30 Received a bill for utilities, $350. The bill will be paid next month 30 Stewart withdrew cash of $3,000. Requirements 1. Record each transaction in the journal using the following account titles: Cash; Accounts Receivable: Office Supplies; Prepaid Insurance, Furniture: Land: Accounts Payable; Utilities Payable: Unearned Revenue: Stewart, Capital: Stewart, Withdrawals: Service Revenue: Salaries Expense: Rent Expense; Utilities Expense. Explanations are not required. 2. Open a T-account for each of the accounts. 3. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. 4. Prepare the trial balance of Doris Stewart, Designer, as of September 30, 2015
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
