Question

Record P2-36B Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Beth Stewart started her practice as a design consultant on November 1, 2018. During the first month of operations, the business completed the following transactions: Nov. 1 4 6 7 10 14 15 17 Received $41,000 cash and gave capital to Stewart. Purchased office supplies, $1,200, and furniture, $2,300, on account. Performed services for a law firm and received $2,100 cash. Paid $27,000 cash to acquire land to be used in operation. Performed services for a hotel and received its promise to pay the $800 within one week. Paid for the furniture purchased on November 4 on account. Paid assistant's semimonthly salary, 51,470. Received cash on account, $500. Prepared a design for a school on account, $680. Received $1,900 cash for design services to be performed in December Received $3,100 cash for consulting with Plummer & Gordon. Paid $840 cash for a 12-month insurance policy starting on December 1. Paid assistant's semimonthly salary, $1,470. Paid monthly rent expense, $650. Received a bill for utilities, $650. The bill will be paid next month. Stewart withdrew cash of $2,800. 20 25 28 29 30 30 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; Stewart, Capital; Stewart, With- drawals; 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 Beth Stewart, Designer, as of November 30, 2018.

without description

Answer 1

SI. Date Account title Credit Debit 41000 1 Nov 1 Cash Stewart, Capital (To record investment of cash in busiess) 41000 2 Nov 4 1200 2300 Office Supplies Furniture Accounts Payable (To record purchases with on account) 3500 3 2100 Nov 6 Cash Service Revenue (To record cash for service performed) 2100 4 Nov 7 27000 Land Cash (To record purchases land for cash) 27000 5 800 Nov 10 Accounts Receivable Service Revenue (To record service performed on account) 800 6 3500 Nov 14 Accounts Payable Cash (To record payment creditors on account) 3500

7 1470 Nov 15 Salaries Expense Cash (To record payment of salary to assistant) 1470 8 500 Nov 17 Cash Accounts Receivable (To record received cash in payment of account) 500 9 680 Nov 20 Accounts Receivable Service Revenue (To record service performed on account) 680 10 1900 Nov 25 Cash Unearned Revenue (To record cash for future service) 1900 11 3100 Nov 28 Cash Service Revenue (To record cash for service performed) 3100 12 840 Nov 29 Prepaid Insurance Cash (To record paid of one year insurance policy) 840

13 1470 Nov 30 Salaries Expense Cash (To record payment of salary to assistant) 1470 14 650 Nov 30 Rent Expense Cash (To record monthly rent expense) 650 15 650 Nov 30 Utilities Expense Utilities Payable (To record utilities payment in next month) 650) 16 2800 Nov 30 Stewart, Withdrawals Cash (To record withdrew of cash) 2800

Cash Accounts Receivable 800 500 680 Nov 10 Nov 20 Nov 17 Nov 1 Nov 6 Nov 17 Nov 25 Nov 28 41,000 2,100 500 1,900 3,100 27,000 3,500 1,470 1,470 650 2,800 840 Nov 7 Nov 14 Nov 15 Nov 30 Nov 30 Nov 30 Nov 29 Bal 980 Bal 10,870 Office Supplies 1,200 Prepaid Insurance 840 Nov 4 Nov 29 Bal 1,200 Bal 840 Land 27,000 Furniture 2,300 Nov 7 Nov 4 Bal 27,000 Bal 2,300 Accounts Payable 3,500 3,500 Utilities Payable 650 Nov 14 Nov 4 Nov 30 Bal. 650 Bal.

Unearned Revenue 1,900 Stewart, Capital 41,000 Nov 25 Nov 1 1,900 Bal. 41,000 Bal. Stewart, Withdrawals 2,800 Nov 30 Service Revenue 2,100 800 680 Nov 6 Nov 10 Nov 20 Nov 28 Bal. Bal 2,800 3,100 6,680 Salaries Expense 1,470 1,470 Rent Expense 650 Nov 15 Nov 30 Nov 30 Bal 2,940 Bal 650 Utilities Expense 650 Nov 30 Bal 650

Beth Stewart, Designer Trial Balance November 30,2018 Debit Credit Cash $ 10,870 Accounts Receivable $ 980 Office Supplies $ 1,200 Prepaid Insurance $ 840 Land $ 27,000 Furniture $ 2,300 Accounts Payable $ Utilities Payable $ 650 Unearned Revenue $ 1,900 Stewart, Capital $41,000 Stewart, Withdrawals $ 2,800 Service Revenue $ 6,680 Salaries Expense $ 2,940 Rent Expense $ 650 Utilities Expense $ 650 Totals $ 50,230 $50,230 $

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