Question

The consulting firm of Martin and Associates uses the accounts listed below. Record the opening balances as of December 1, 2019 on the normal balance side of the following T-Accounts. List of accounts with their opening balances: -0- -O- Cash $ 5,900 Fees Income Accounts Receivable 8,900 Rent Expense Utilities Office Equipment 8,400 Expense Accounts Payable 7,000 Salaries Expense Joan Martin, Capital 16,200 Joan Martin, Drawing -0- The firm has the following transactions during the month of December 2019. Record the effects of these transactions in the T accounts. a. Paid $1,900 for one month's rent. b. Collected $5,700 in cash from credit customers. c. Performed services for $7,900 in cash. d. Paid $4,900 for salaries. e. Issued a check for $3,900 to a creditor. f. Performed services for $10,900 on credit. g. Purchased office equipment for $1,900 on credit. h. The owner withdrew $3,900 in cash for personal expenses. i. Issued a check for $690 to pay the monthly utility bill. 1. Post the above transactions into the appropriate T accounts. 2. Using the information shown, prepare a trial balance for Martin and Associates at December 31, 2019.

Answer 1

Umilies Expense Beginning Balance To Accounts Receivable To Fees Income Accounts Receivable Beginning Balance 8900 To Fees Income 10900 By Cash 5700 Beginning Balance To Cash Bal. 6901 6901 Cash 5900 5700 By Rent 7900 By Salaries Expense By Accounts Payable By Joan Martin, Drawing By Utility Expense 4210 1900 4900 3900 3900 14100 Salaries Exnense 690 Beginning Balance To Cash Bal. 4900 Joon Martin, Capitol Beginning Balance 162001 Bal. 4900 Beginning Balance To Accounts Payable Office Equipments 84001 1900 Bal. 103001 Joan Martin, Drawing Rent Expense Accounts Payable Beginning Balance To Cash Beginning Balance To Cash L 3900 1900 Beginning Balance To Cash 3900 By Office Equipment 1900 Bal. 3900 Bal 1900 5000 Farma Beginning Balance By Cash By Trade Receivald 7900 10900 Bal 118800

Martin And Associates Trial Balance December 31, 2019 Account Name Debit Credit Cash 42101 Accounts Receivabl 14100 Office Equipment 10300 Accounts Payable Joan Matin, Capital Joan Matin, Drawing 3900|| Fees Income Rent Expense 1900 Utilities Expense 49001 Salaries Expense 690 TOTAL 40000 5000 16200 1 8800 nse 40000