Question

Rhoades Tax Services began business on December 1, 2015. Its December transactions are as follows. Dec. Rhoades invested $20,000 in the business in exchange for common stock. 2 Paid $1,200 cash for December rent to Bomba Realty. 2 Purchased $1,080 of supplies on account. 3 Purchased $9,500 of office equipment; paying $4,700 cash with the balance due in 30 days. 8 Paid $1,080 cash on account for supplies purchased December 2 14 Paid $900 cash for assistant's wages for 2 weeks' work. 20 Performed consulting services for $3,000 cash 28 Paid $900 cash for assistant's wages for 2 weeks' work 30 Billed clients $7,200 for December consulting services. 31 Paid $1,800 cash for dividends. 1

Answer 1

Adjusted Trial Balance

for the month of December 31,2015

	Debit	Credit
Cash	12420
Fees receivable	9450
supplies	710
office equipment	9500
Accumulated depreciation		120
Accounts payable		4800
wages payable		270
common stock		20000
Retained earnings		0
Consulting services		12450
supplies expense	370
wages expense	2070
Rent expense	1200
Depreciation expense	120
Dividend	1800
Total	$37640	$37640