P3-2B. On April 1, 2023, Beth Orth opened Beth's Art Studio. The following transac- tions occurred in April: 2023 Apr. 1 Beth Orth invested $15,000 in the art studio. 1 Paid two months' rent in advance, $1,600. Purchased equipment on account from Martin Company, $1,300. Received $3,000 cash for art training program provided to Northwest Community College. 3 5 8 Purchased art supplies for $350 cash. - 9 Billed Harry Co. for art lessons provided, $3,300. 10 15 Paid salaries expense, $700. Beth withdrew $1,000 from the art studio to buy a new power saw for her home. 28 Paid electric bill $50. 29 Paid telephone bill, $130. Required a. The ledger is already set up for you based on the chart of accounts. b. Journalize (all page 1) and post the April transactions. c. Prepare a trial balance as of April 30, 2023. The chart of accounts includes Cash, 111; Accounts Receivable, 112; Prepaid Rent, 114; Art Supplies, 121; Equipment, 131; Accounts Payable, 211; Beth Orth Capital, 311; Beth Orth, Withdrawals, 312; Art Fees Earned, 411; Electrical Expense, 511; Salaries Expense, 521; Telephone Expense, 531. Comprehensive problem: journalizing, posting, and preparing a trial balance 23 (45 min) Check Figure Trial Balance Total $22,600
P3-2B. On April 1, 2023, Beth Orth opened Beth's Art Studio. The following transac- tions occurred in April: 2023 Apr. 1 Beth Orth invested $15,000 in the art studio. 1 Paid two months' rent in advance, $1,600. Purchased equipment on account from Martin Company, $1,300. Received $3,000 cash for art training program provided to Northwest Community College. 3 5 8 Purchased art supplies for $350 cash. - 9 Billed Harry Co. for art lessons provided, $3,300. 10 15 Paid salaries expense, $700. Beth withdrew $1,000 from the art studio to buy a new power saw for her home. 28 Paid electric bill $50. 29 Paid telephone bill, $130. Required a. The ledger is already set up for you based on the chart of accounts. b. Journalize (all page 1) and post the April transactions. c. Prepare a trial balance as of April 30, 2023. The chart of accounts includes Cash, 111; Accounts Receivable, 112; Prepaid Rent, 114; Art Supplies, 121; Equipment, 131; Accounts Payable, 211; Beth Orth Capital, 311; Beth Orth, Withdrawals, 312; Art Fees Earned, 411; Electrical Expense, 511; Salaries Expense, 521; Telephone Expense, 531. Comprehensive problem: journalizing, posting, and preparing a trial balance 23 (45 min) Check Figure Trial Balance Total $22,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:P3-2B. On April 1, 2023, Beth Orth opened Beth's Art Studio. The following transac-
tions occurred in April:
1P2 2D
2023
Apr. 1 Beth Orth invested $15,000 in the art studio.
1
Paid two months' rent in advance, $1,600.
3 Purchased equipment on account from Martin Company, $1,300.
Received $3,000 cash for art training program provided to
Northwest Community College.
5
8
9
Purchased art supplies for $350 cash.
Billed Harry Co. for art lessons provided, $3,300.
10 Paid salaries expense, $700.
15
Beth withdrew $1,000 from the art studio to buy a new power saw
for her home.
28
Paid electric bill $50.
29 Paid telephone bill, $130.
Required
a. The ledger is already set up: for you based on the chart of accounts.
b. Journalize (all page 1) and post the April transactions.
c. Prepare a trial balance as of April 30, 2023.
The chart of accounts includes Cash, 111; Accounts Receivable, 112; Prepaid
Rent, 114; Art Supplies, 121; Equipment, 131; Accounts Payable, 211; Beth Orth
Capital, 311; Beth Orth, Withdrawals, 312; Art Fees Earned, 411; Electrical
Expense, 511; Salaries Expense, 521; Telephone Expense, 531.
Comprehensive problem:
journalizing, posting, and
preparing a trial balance
123 (45 min)
Check Figure
Trial Balance Total $22,600
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