Question

P3-6A This is the trial balance of Lacey Company on September 30. LACEY COMPANY Trial Balance September 30, 2017 Debit Credit Cash $19,200 Accounts Receivable 2,600 Supplies 2,100 Equipment 8,000 Accounts Payable $ 4,800 Unearned Service Revenue 1,100 Common Stock 15,000 Retained Earnings 11,000 $31,900 $31,900 The October transactions were as follows. Oct. 5 Received $1,300 in cash from customers for accounts receivable due. 10 Billed customers for services performed $5,100. 15 Paid employee salaries $1,200. 17 Performed $600 of services in exchange for cash. 20 Paid $1,900 to creditors for accounts payable due. 29 Paid a $300 cash dividend. 31 Paid utilities $400. Instructions (a) Prepare a general ledger using T-accounts. Enter the opening balances in the ledger accounts as of October 1. (Hint: The October 1 beginning amounts are the Septem- ber 30 balances in the trial balance above.) Provision should be made for these addi- tional accounts: Dividends, Service Revenue, Salaries and Wages Expense, and Utilities Expense. (b) Journalize the transactions, including explanations. (c) Post to the ledger accounts. (d) Prepare a trial balance on October 31, 2017.

Answer 1

ANSWER

(b)

Credit($) Debit($) 1,300 Date Account tittle& Explanation 05-10-2017 Cash A/C-------------------dr To Accounts receivables A/C (being cash received from customers) 1,300 5,100 10-10-2017 Accounts receivables A/C----------------dr To Service Revenue A/C (being billed customers for services performed) 5,100 1,200 15-10-2017 Salary expense A/C--------------dr To Cash A/C (being salaries paid) 1,200 17-10-2017 Cash A/C......... .dr 600 To Service revenue A/C (being performed services in exchange for cash) 600 1,900 20/17/2017 Accounts payable A/C -dr To Cash A/C being paid to creditors for Accounts payable) 1,900 300 29-10-2017 Dividend A/ C d r To Cash A/C (being recorded for dividend paid) 300 r 30-10-2017 Utilities Expenses A d To Cash A/C (being recorde for utilities paid) 400

Credit($) Debit($) 1,300 Date Account tittle& Explanation 05-10-2017 Cash A/C-------------------dr To Accounts receivables A/C (being cash received from customers) 1,300 5,100 10-10-2017 Accounts receivables A/C----------------dr To Service Revenue A/C (being billed customers for services performed) 5,100 1,200 15-10-2017 Salary expense A/C--------------dr To Cash A/C (being salaries paid) 1,200 17-10-2017 Cash A/C......... .dr 600 To Service revenue A/C (being performed services in exchange for cash) 600 1,900 20/17/2017 Accounts payable A/C -dr To Cash A/C being paid to creditors for Accounts payable) 1,900 300 29-10-2017 Dividend A/ C d r To Cash A/C (being recorded for dividend paid) 300 r 30-10-2017 Utilities Expenses A d To Cash A/C (being recorde for utilities paid) 400

(a&c) :
Particulars To balance b/d To Accounts receivables To service revenue 1 1 Cash A/c Amount($) Particulars 19,200 by Salary expense 1,300 By Accounts payable 600 By dividend By utilities expenses By balance c/d Amount($) 1,200 1,900 300 400 17,300 21,100 21,100 Particulars To balance b/d To service revenue Accounts receivables A/C Amount($) Particulars 2,600 by cash 5,100 By balance c/d 7,700 Amount($) 1,300 6,400 7,700 Particulars To Balance b/d Supplies A/C Amount($) Particulars 2,100 By balance c/d 2,100 Amount($) 2,100 2,100 Particulars To balance B/d Equipment A/C Amount($) Particulars 8,000 by balance C/d 8,000 Amount(S) 8,000 8,000 Particulars Dividend A/C Amount($) Particulars 300 by balance c/d 300 To cash Amount(5) 300 300

Particulars To cash To Balance dd Accounts payable Alc Amount $1 Particulars 1900 By balance bid 2.900 Amount[$] 4,800 4.800 4,800 Particulars To balance Cld Unearned Service Revenue Alc Amount($) Particulars 1.100 By balance bld A I mount($) 1,100 1,100 1.100 Particulars To balance Cld Common Stock Alc Amount($) Particulars 15,000 By balance bid 15,000 Amount($) 15,000 15,000 Particulars To balance Cld A I Retained Earnings Alc mount($) Particulars 11,000 By balance bid 11,000 Amount($) 11.000 11,000 Particulars Service Revenue Alc Amount($) Particulars by Accounts receivable 5,700 By cash 5,700 To balance dd Amount($) 5,100 600 5,700 Particulars Salary Expense Alc Amount($) Particulars 3 00 By balance dd 300 To cash Amount[$] 300 300 To cash T Utilities Expense Alc 400 By balance dd 400 400 400

(4) :

LACEY COMPANY TRIAL BALANCE October 31, 2017 Particulars Cash Accounts receivables Supplies Equipment Accounts payable Unearned service revenue Common stock Dividend retained earnings Service revenue Salary expense utilities Expenses Debit($) Credit($) 17,300 6,400 2,100 8,000 2,900 1,100 15,000 300 11,000 5,700 1,200 400 Total 35,700 35,700

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