Question

Requirement 1. Record each transaction in the​ journal, using the following account​ titles: Cash; Accounts​ Receivable; Office​ Supplies; Prepaid​ Insurance; Land;​ Building; Furniture; Accounts​ Payable; Utilities​ Payable; Notes​ Payable; Common​ Stock; Dividends; Service​ Revenue; Salaries​ Expense; Rent​ Expense; and Utilities Expense. Explanations are not required. ​(Record debits​ first, then credits. Exclude explanations from journal​ entries.)

Requirement 2. The following​ four-column accounts have been​ opened: Cash,​ 101; Accounts​ Receivable, 111; Office​ Supplies, 121; Prepaid​ Insurance, 131;​ Land, 141;​ Building, 151;​ Furniture, 161; Accounts​ Payable, 201; Utilities​ Payable, 211; Notes​ Payable, 221; Common​ Stock, 301;​ Dividends, 311; Service​ Revenue, 411; Salaries​ Expense, 511; Rent​ Expense, 521; and Utilities​ Expense, 531. Post the journal entries to​ four-column accounts in the​ ledger, using​ dates, account​ numbers, journal​ references, and posting references. Assume the journal entries were recorded on page 1 of the journal and record entries with the same date in the order presented in the transaction list. ​(If a box is not used in the​ table, leave the box​ empty; do not enter a zero. Compute the new balance for each account after posting the​ transaction.)

Requirement 3. Prepare the trial balance of Troy Murphy Attorney​, at January 31​, 2018.

i Requirements 50 $ 1. Record each transaction in the journal, using the following account titles Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Land; Building; Furniture; Accounts Payable; Utilities Payable; Notes Payable; Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; and Utilities Expense. Explanations are not required. The following four-column accounts have been opened: Cash, 101; Accounts Receivable, 111; Office Supplies, 121; Prepaid Insurance, 131; Land, 141; Building, 151; Furniture, 161; Accounts Payable, 201; Utilities Payable, 211; Notes Payable, 221; Common Stock, 301; Dividends, 311; Service Revenue, 411; Salaries Expense, 511; Rent Expense, 521; and Utilities Expense. 531. Post the journal entries to four-column accounts in the ledger, using dates, account numbers, journal references, and posting references. Assume the journal entries were recorded on page 1 of the journal. 3. Prepare the trial balance of Troy Murphy, Attorney, at January 31, 2018. PE Print Done

Answer 1

Troy Murphy, Attorney Journal entries Date Accounts 1-Jan Cash Common Stock Credit Post ref Debit J1 $ 63,000 $ 63,000 3-Jan Office Supplies Furniture Accounts Payable $ $ 1,100 2,200 $ 3,300 4-Jan $ 1,700 Cash Service Revenue $ 1,700 7-Jan $ 30,000 $ 90,000 Land Building Cash Notes Payable $ 20,000 $ 100,000 11-Jan $ 1,200 Accounts Receivable Service Revenue $ 1,200 15-Jan $ 1,130 Salaries Expense Cash $ 1,130 16-Jan $ 1,100 Accounts Payable Cash $ 1,100 18-Jan $ 2,500 Cash Service Revenue $ 2,500 19-Jan $ 1,600 Accounts Receivable Service Revenue $ 1,600 25-Jan $ 650 Utilities Expense Utilities Payable $ 650 29-Jan $ 2,000 Cash Accounts Receivable $ 2,000 30-Jan $ 4,800 Prepaid Insurance Cash $ 4,800 30-Jan $ 1,130 Salaries Expense Cash $ 1,130 $ 1,400 31-Jan Rent Expense Cash $ 1,400 31-Jan J1 $ 2,800 Dividends Cash $ 2,800

Debit Balance Credit Balance Credit Date Item Debit Post Ref Debit Credit Accounts Receivable 2018' Balance 11-Jan 19-Jan 29-Jan $ 1,200 $ 1,600 $ $ $ 1,200 2,800 800 $ 2,000 Troy Murphy, Attorney T Accounts Date Item Post Ref Debit Credit Cash 2018' Balance 1-Jan $ 63,000 4-Jan $ 1,700 7-Jan $ 20,000 15-Jan $ 1,130 16-Jan $ 1,100 18-Jan $ 2,500 29-Jan $ 2,000 30-Jan $ 4,800 30-Jan $ 1,130 31-Jan $ 1,400 31-Jan $ 2,800 Office Supplies 2018' Balance 3-Jan $ 1,100 Land 2018' Balance 7-Jan $ 30,000 Furniture 2018' Balance 3-Jan J1 $ 2,200 덕덕덕덕덕덕덕덕덕덕덕 $ 63,000 $ 64,700 $ 44,700 $ 43,570 $ 42,470 $ 44,970 $ 46,970 $ 42,170 $ 41,040 $ 39,640 $ 36,840 Prepaid Insurance $ $ - 1,100 2018' Balance 30-Jan $ $ - 4,800 $ 4,800 Building 2018' Balance 7-Jan $ 30,000 7 $ 90,000 $90,000 Accounts Payable Balance ✓ $ $ $ . 2,200 2,200 2018' 3-Jan 16-Jan $ 3,300 $ 1,100 Notes Payable $ $ $ . 3,300 2,200 Utilities Payable 2018' Balance 25-Jan $ $ - 650 2018' Balance 7-Jan 650 $ 100,000 $ Common Stock $ 100,000 Retained Earnings 2018' Balance ✓ $ - 2018' Balance 1-Jan $ - $ 63,000 $63,000 Dividends Balance v 2018' 31-Jan J1 $ $ - 2,800 $ 2,800 Service Revenue Salaries Expense 2018' Balance 4-Jan 11-Jan 18-Jan 19-Jan $ - $ 1,700 $ 2,900 $ 5,400 $ 7,000 2018' Balance 15-Jan 30-Jan $ 1,130 $ 1,130 $ $ $ - 1,130 2,260 $ 1,700 $ 1,200 $ 2,500 $ 1,600 Rent Expense Utilities Expense Balance ✓ 2018' 31-Jan J1 $ 1,400 2018' Balance 25-Jan $ 1,400 J1 $ 650 $ 650

Trial Balance Debit Credit 36,840 800 1,100 4,800 30,000 90,000 2,200 Troy Murphy, Attorney Account Names Cash Accounts Receivable Office Supplies Prepaid Insurance Land Building Furniture Accounts Payable Utilities Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Utilities Expense Totals 2,200 650 100,000 63,000 2,800 7,000 2,260 1,400 650 172,850 172,850