Question

2.30A Journalizing tran Journalizing transactions, posting a nal entries Tacco , preparing a trial balance Simpson started her practice as a design count on Sep 1.21 in the first month of operations, the business completed the following During Recording the Ann Simpso transactions: Learning Objectives 1 4 6 7 14 Received $48,000 cash and gave capital to Simpson Purchased office supplies, $1,200, and furniture, $1,300, on account Performed services for a law firm and received $1,900 cash. Paid $18,000 cash to acquire land to be used in operations Performed services for a hotel and received its promise to pay the $1,200 within one week Paid for the furniture purchased on September 4 on account Paid assistant's semimonthly salary, 51,500. Received cash on account, $1,000. Prepared a design for a school on account, 5650. Received $2,100 cash for design services to be performed in October Received $2,900 cash for consulting with Plummer & Gordon 15 17 20 25 28 29 30 30 Paid $600 cash for a 12-month insurance policy starting on October 1. Paid assistant's semimonthly salary, $1,500. Paid monthly rent expense, $600. Paid Received a bill for utilities, $350. The bill will be paid next month. Simpson withdrew cash of $3,700. 30 30 Requirements 1. Record each transaction in the journal using the following account titles: Cash; Accounts Receivable; Office Supplies: Prepaid Insurance, Land; Furniture; Accounts Payable; Utilities Payable; Unearned Revenue, Simpson, Capital; Simpson, Withdrawals; Service Revenue: Salaries Expense; Rent Expense; and Utilities Expense. Explanations are not required. 2. Open a T-account for each of the accounts. 3. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. 4. Prepare the trial balance of Ann Simpson, Designer, as of September 30, 2018.

Answer 1

S.no.	Date	Particulars	Debit	Credit
1.	Sept 1	Cash Dr To Simpson,Capital	48000	- 48000
2.	Sept 4	Office supplies Dr Furniture Dr To Accounts Payable	1200 1300	- - 2500
3	Sept 6	Cash Dr To Service Revenue	1900	- 1900
4	Sept 7	Land Dr To Cash	18000	- 18000
5	Sept 10	Account Receivable Dr To service Revenue	1200	- 1200
6	Sept 14	Account Payable Dr To Cash	1300 0	- 1300
7	Sept 15	Salaries Expense Dr To Cash	1500	- 1500
8	Sept 17	Cash Dr Service Revenue Dr To Account Receivable	1000 200	- - 1200
9	Sept 20	Account Receivable Dr To Service Revenue	650	- 650
10	Sept 25	Cash Dr To Unearned Revenue	2100	- 2100
11	Sept 28	Cash Dr To Service Revenue	2900	- 2900
12	Sept 29	Prepaid Insurance Dr To CAsh	600	- 600
13	Sept 30	Salaries Expense Dr To CAsh	1500	- 1500
14	Sept 30	Rent Expense Dr To Cash	600	- 600
15	Sept 30	Utilities Expense Dr To Utilities Payable	350	- 350
16	Sept 30	Simpson, Withdrwal Dr To CAsh	3700	- 3700

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