
Concept explainers
Journalizing transactions, posting
The following transactions occurred during the month for Tori Peel, CPA:
Jun. 1 | Peel opened an accounting firm by contributing $13,500 cash and office furniture with a fair market value of $5,400 in exchange for common stock. |
5 | Paid monthly rent of $1,300. |
9 | Purchased office supplies on account, $800. |
14 | Paid employee’s salary, $1,700. |
18 | Received a bill for utilities to be paid next month, $250. |
21 | Paid $600 of the accounts payable created on June 9. |
25 | Performed accounting services on account, $5,900. |
28 | Paid cash dividends of $6,900. |
Requirements
1. Open the following four-column accounts of Tori Peel, CPA: Cash, 110;
2. Journalize the transactions, and then post the journal entries to the four-column accounts. Explanations are not required for the journal entries. Keep a running balance in each account. Assume the journal entries are recorded on page 10 of the journal.
3. Prepare the trial balance as of June 30, 2016.

Want to see the full answer?
Check out a sample textbook solution
Chapter 2 Solutions
Horngren's Financial & Managerial Accounting (5th Edition)
- The Falcon Company has reported the following data: Item Amount Operating expenses $ 1,80,00 Cost of goods sold $ 5,20,00 Net sales $9,70,00 Interest expense $ 45,000 Gain on sale of $ 35,000 assets Income tax expense $95,000 What was Falcon's gross profit? A. $450,000 B. $380,000 C. $250,000 D. $520,000arrow_forwardTutor please provide answerarrow_forwardDetermine the PE ratio of this financial accounting questionarrow_forward
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeCollege Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College PubFinancial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning
- College Accounting (Book Only): A Career ApproachAccountingISBN:9781305084087Author:Cathy J. ScottPublisher:Cengage LearningCornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage LearningFinancial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,




