The following T accounts show transactions that were recorded on December $31,20$X$1$ by Residential Rental Consultant, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter $($a$),$ the entries for the second transaction with the letter $($b$),$ and so on$.$

Cash

Debit Credit

$($a$)181,000($b$)37,000$

$($d$)21,000($e$)610$

$($g$)2,100($h$)10,100$

$($i$)4,100$

James Taylor, Capital

Debit Credit

$($a$)181,000$

Accounts Receivable

Debit Credit

$($f$)8,200($g$)2,100$

James Taylor, Drawing

Debit Credit

$($i$)4,100$

Supplies

Debit Credit

$($b$)37,000$

Fees Income

Debit Credit

$($d$)21,000$

$($f$)8,200$

Equipment

Debit Credit

$($c$)71,000$

Salaries Expense

Debit Credit

$($h$)10,100$

Accounts Payable

Debit Credit

$($c$)71,000$

Telephone Expense

Debit Credit

$($e$)610$

Required:

Prepare a trial balance and an income statement for Residential Rental Consultants. The trial balance is for December $31,20$X$1,$ and the income statement is for the month ended December $31,20$X$1.$

Answer rating: 100% (QA)

Residential Rental Consultants Trial Balance Decem... View the full answer