Mahon Consultants Pty Ltd opened as licensed architects on 1 April 2015. During the first month of the operation of the business, these events and transactions occurred: Apr. 1 Shareholders invested $76,500 cash in exchange for shares. 1Hired a personal assistant at a salary of $5,850 per month, payable monthly. 2Paid office rent for the month, $2,850. 3Purchased drawing supplies on account from Speedy Supplies Ltd, $7,650. 10Completed a contract and invoiced client $4,050 for services. 11Received $1,650 cash advance from R. Welk for the design of an extension. 20Received $9,450 cash for services completed for P. Donahue. 30Paid assistant for the month, $5,850. 30Paid $3,450 owed to Speedy Supplies Ltd. Mahon Consultants Pty Ltd uses these accounts: Cash (no. 100) Accounts Receivable (no. 110) Supplies (no. 115) Accounts Payable (no. 200) Revenue Received in Advance (no. 209) Share Capital (no. 300) Service Revenue (no. 400) Salaries Expense (no. 500) Rent Expense (no. 510). Required: a) Journalise the transactions. Include narrations. b) Post to the ledger T accounts. c) Prepare a trial balance on 30 April 2015

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Mahon Consultants Pty Ltd opened as licensed architects on 1 April 2015. During the
first month of the operation of the business, these events and transactions occurred:
Apr. 1 Shareholders invested $76,500 cash in exchange for shares.
1Hired a personal assistant at a salary of $5,850 per month, payable monthly.
2Paid office rent for the month, $2,850.
3Purchased drawing supplies on account from Speedy Supplies Ltd, $7,650.
10Completed a contract and invoiced client $4,050 for services.
11Received $1,650 cash advance from R. Welk for the design of an extension.
20Received $9,450 cash for services completed for P. Donahue.
30Paid assistant for the month, $5,850.
30Paid $3,450 owed to Speedy Supplies Ltd.
Mahon Consultants Pty Ltd uses these accounts:
Cash (no. 100)
Accounts Receivable (no. 110)
Supplies (no. 115)
Accounts Payable (no. 200)
Revenue Received in Advance (no. 209)
Share Capital (no. 300)
Service Revenue (no. 400)
Salaries Expense (no. 500)
Rent Expense (no. 510).
Required:
a) Journalise the transactions. Include narrations.
b) Post to the ledger T accounts.
c) Prepare a trial balance on 30 April 2015
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