Reference no: EM132322013

Question :

The consulting firm of Martin and Associates uses the accounts listed below. Record the opening balances as of December 1, 2019 on the normal balance side of the following T-Accounts. List of accounts with their opening balances:

Cash	$5,400	Fees Income	0
Accounts Receivable	8,400	Rent Expense	0
Office Equipment	7,900	Utilities Expense	0
Accounts Payable	6,000	Salaries Expense	0
Joan Martin, Capital	15,700
Joan Martin, Drawing	0

The firm has the following transactions during the month of December 2019. Record the effects of these transactions in the T accounts.

a. Paid $1,400 for one month's rent

b. Collected $5,200 in cash from credit customers.

c. Performed services for $7,400 in cash.

d. Paid $4,400 for salaries.

e. Issued a check for $3,400 to a creditor.

f. Performed services for $10,400 on credit.

g. Purchased office equipment for $1,400 on credit.

h. The owner withdrew $3,400 in cash for personal expenses.

i. Issued a check for $640 to pay the monthly utility bill.

1. Post the above transactions into the appropriate T accounts.

2. Using the information shown, prepare a trial balance for Martin and Associates at December 31, 2019.