Comprehensive problem in trial balance, Accounting Basics

Assignment Help:

Comprehensive Problem in Trial Balance

Cash $ 26,470

A/R   14,222

Office Supplies    4,298

Prepaid Insurance   23,137

Equipment 131,495

A/D - Equipment   $19,096

Accounts Payable  11,998

Unearned Service Revenue  14,336

Notes Payable  60,679

Common Stock  63,546
Retained Earnings  29,967


Totals                                              $199,622                  $199,622


During the month of July 2013, the following occurred:

July 1 received $7,350 of the prior month's receivables

July 2 paid $6,847 of the prior month's accounts payable and paid $4,000 for July rent

July 3 paid $7,500 of the notes payable 

July 5 provided a service and billed a client $4,087

July 8 bought office supplies for $3,120 cash

July 9 received $4,200 for a service to be provided

July 11 collected $8,028 of receivables

July 12 provided a service and billed a client $7,366

July 13 earned $5,500 of the prior month's unearned revenue

July 15 bought office supplies for $2,433 on account

July 17 provided a service and billed a client $6,250

July 19 received $3,100 for a service to be provided later

July 22 paid $3,877 travel (all for July travel)

July 24 paid $4,089 of accounts payable

July 25 paid temporary employees $3,890 of wages (all for July work)

July 26 paid $6,000 of the notes payable

July 28 paid the shareholder a $2,500 dividend

July 30 provided a service fully earning the $4,200 from July 9

July 31 paid the shareholder a $3,800 dividend

Part Ia provide general journal entries in general journal form for the above transactions Part Ib create a trial balance at July 31 fully taking into account the beginning balances and the general journal entries recorded in part Ia (t-accounts are recommended for key, or all, accounts; do not hand in t-accounts)
Note: part II will be provided after successful completion of part I 


Related Discussions:- Comprehensive problem in trial balance

Assignment, “Ledger is said to be the principal book entry and the transact...

“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.

What do you mean by partnership, Q. What do you mean by partnership? A ...

Q. What do you mean by partnership? A partnership is a non-incorporated business owned by two or more persons associated as partners. Habitually the same persons who own the bu

Cost, how much is it to get a tutor, per hour or package? i am in an mba pr...

how much is it to get a tutor, per hour or package? i am in an mba program now

What is t-account, Q. What is T-account? To exemplify recording the inc...

Q. What is T-account? To exemplify recording the increases and decreases in an account texts use the T-account which appear like a capital letter T. The name of the account suc

Factors and primary objectives, a) Recoginize Trigon Corporation's critical...

a) Recoginize Trigon Corporation's critical success factors and primary objectives. b)What types of information may be helpful in evaluating these objectives?

John Doe, How do I complete this chart

How do I complete this chart

Taking a physical inventory in periodic inventory procedure, Q. Taking a ph...

Q. Taking a physical inventory in periodic inventory procedure? Taking a physical inventory in periodic inventory Procedure Company personnel determine ending inventory cost by

Determining the discount rate, Determining the Discount Rate XYZ (APP)...

Determining the Discount Rate XYZ (APP) Ltd is a biotechnology company that recently listed on the Australian Securities Exchange (ASX). As such, XYZ Ltd has very limited stoc

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd