P2-30A Journalizing transactions, posting journal entries to T-accounts, andRecordingpreparing a trial balanceDoris Stewart started her practice as a design consultant on September 1, 2015. Duringthe first month of operations, the business completed the following transactions:Learni4. TotalSep. 1Received $42,000 cash and gave capital to Stewart.4Purchased office supplies, $700, and furniture, $1,900, 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.10Performed services for a hotel and received its promise to pay the $1,000within one week.14Paid for the furniture purchased on September 4 on account.15Paid assistant's semimonthly salary, $1,490.17Received cash on account, $400.20Prepared a design for a school on account, $700.25Received $1,800 cash for design services to be performed in October.28Received $2,100 cash for consulting with Plummer & Gordon.29Paid $1,200 cash for a 12-month insurance policy starting on October 1.30Paid assistant's semimonthly salary, $1,490.30Paid monthly rent expense, $650.30Received a bill for utilities, $350. The bill will be paid next month.30Stewart withdrew cash of $3,000.Requirements1. 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 postingreferences 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.

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Description: P2-30A Journalizing transactions, posting journal entries to T-accounts, andRecordingpreparing a trial balanceDoris Stewart started her practice as a design consultant on September 1, 2015. Duringthe first month of operations, the business completed

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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.

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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