Question

30 transactions with journal entries ledger trial balance and 15 adjustments with trading,profit and loss accounts and balance sheet

Answer 1

Journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance
The following transactions occurred during the month for Tori Peel, CPA:

Requirements
1. Open the following four-column accounts of Tori Peel, CPA: Cash, 110; Accounts Receivable, 120; Office Supplies, 130; Office Furniture, 140; Accounts Payable, 210; Utilities Payable, 220; Common Stock, 310; Dividends, 320; Service Revenue, 410; Salaries Expense, 510; Rent Expense, 520; Utilities Expense, 530.
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 ofthe journal.
3. Prepare the trial balance as of June 30, 2016.
Step-by-Step Solution:
Step 1 of 4
Journalizing Transactions and Preparation of Trial Balance
1.
Journal is a book of original entries, recorded financial transaction date wise. Journal entry is accounting entry for Dr. and Cr.. Owner and his business is always a separate entity. So if cash received by business is received from owner equity.
According to step first transaction are recorded into journal and then posted into ledger account and then trial balance.
Journal Entries
As of June 30, 2016
Date
Particulars
Amount ($)
Amount ($)
Jun 01
Cash A/c Dr.
13,500

Office Furniture A/c Dr.
5,400

To Capital A/c
18,900

(To cash and furniture contributed by owner)
Jun 05
Rent Expenses A/c Dr.
1,300

To Cash A/c
1,300

(To paid monthly rent in cash)
Jun 09
Office supplies A/c Dr.
800

To Account payable A/c
800

(To purchase office supplies in Cr.)
Jun 14
Salaries expenses A/c Dr.
1,700

To cash A/c
1,700

(To salaries paid to employee in cash)
Jun 18
Utilities expenses A/c Dr.
250

To utilities Payables A/c
250

(To accrued liability of utilities expenses
Jun 21
Accounts Payable A/c Dr.
600

To Cash A/c
600

(To cash paid to account payable)
Jun 25
Account Receivable A/c Dr.
5,900

To Service Revenue A/c
5,900

(To service provide to customer receive receivable)
Jun 28
Drawing A/c Dr.
6,900

To Cash A/c
6,900

(To cash withdraw from business for personal use)