Please explain your answer. Thank you.
Requirement 1:
Date | Account title and explanation | Debit | Credit |
Sep.1 | Cash | $48,000 | |
Common stock | $48,000 | ||
[Issuance of common stock] | |||
Sep.4 | Office supplies | $1,200 | |
Furniture | $1,300 | ||
Accounts payable | $2,500 | ||
[Purchased supplies and furniture on account] | |||
Sep.6 | Cash | $1,900 | |
Service revenue | $1,900 | ||
[Cash received for services] | |||
Sep.7 | Land | $1,800 | |
Cash | $18,000 | ||
[Purchase of land for cash] | |||
Sep.10 | Accounts receivable | $1,200 | |
Service revenue | $1,200 | ||
[Services performed on accout] | |||
Sep.14 | Accounts payable | $1,300 | |
Cash | $1,300 | ||
[Paid for the furniture purchased on Sep 4] | |||
Sep.15 | Salaries expense | $1,500 | |
Cash | $1,500 | ||
[Salaries paid] | |||
Sep.17 | Cash | $1,000 | |
Accounts receivable | $1,000 | ||
[Collections from customers] | |||
Sep.20 | Accounts receivable | $650 | |
Service revenue | $650 | ||
[Services performed on accout] | |||
Sep.25 | Cash | $2,100 | |
Unearned revenue | $2,100 | ||
[Cash collected in advance for services] | |||
Sep.28 | Cash | $2,900 | |
Service revenue | $2,900 | ||
[Cash received for services] | |||
Sep.29 | Prepaid insurance | $600 | |
Cash | $600 | ||
[Cash paid in advance for insurance] | |||
Sep.30 | Salaries expense | $1,500 | |
Cash | $1,500 | ||
[Cash paid for salaries] | |||
Sep.30 | Rent expense | $600 | |
Cash | $600 | ||
[Cash paid for rent] | |||
Sep.30 | Utilities expense | $350 | |
Utilities payable | $350 | ||
[Accrued utilities expense] | |||
Sep 30 | Cash dividends | $3,700 | |
Cash | $3,700 | ||
[Paid cash dividends] |
Requirement 2&3:
Cash | Common stock | |||||||
Sep.1 | $48,000 | Sep.7 | $1,800 | Sep.1 | $48,000 | |||
Sep.6 | $1,900 | Sep.14 | $1,300 | Bal. | $48,000 | |||
Sep.17 | $1,000 | Sep.15 | $1,500 | |||||
Sep.25 | $2,100 | Sep.29 | $600 | Dividends | ||||
Sep.28 | $2,900 | Sep.30 | $1,500 | Sep 30 | $3,700 | |||
Sep.30 | $600 | Bal. | $3,700 | |||||
Sep 30 | $3,700 | |||||||
Bal. | $44,900 | Service revenue | ||||||
Sep.6 | $1,900 | |||||||
Accounts receivable | Sep.10 | $1,200 | ||||||
Sep.10 | $1,200 | Sep.17 | $1,000 | Sep.20 | $650 | |||
Sep.20 | $650 | Sep.28 | $2,900 | |||||
Bal. | $850 | Bal. | $6,650 | |||||
Office Supplies | Salaries expense | |||||||
Sep.4 | $1,200 | Sep.15 | $1,500 | |||||
Bal. | $1,200 | Sep.30 | $1,500 | |||||
Bal. | $3,000 | |||||||
Prepaid insurance | ||||||||
Sep.29 | $600 | Rent expense | ||||||
Bal. | $600 | Sep.30 | $600 | |||||
Bal. | $600 | |||||||
Land | ||||||||
Sep.7 | $1,800 | Utilities expense | ||||||
Bal. | $1,800 | Sep.30 | $350 | |||||
Bal. | $350 | |||||||
Furniture | ||||||||
Sep.4 | $1,300 | |||||||
Bal. | $1,300 | |||||||
Accounts payable | ||||||||
Sep.14 | $1,300 | Sep.4 | $2,500 | |||||
Bal. | $1,200 | |||||||
Utilities payable | ||||||||
Sep.30 | $350 | |||||||
Bal. | $350 | |||||||
Unearned revenue | ||||||||
Sep.25 | $2,100 | |||||||
Bal. | $2,100 |
Requirement 4:
Trial Balance | ||
September 30,2018 | ||
Account title | Debit | Credit |
Cash | $44,900 | |
Accounts receivable | $850 | |
Office Supplies | $1,200 | |
Prepaid insurance | $600 | |
Land | $1,800 | |
Furniture | $1,300 | |
Accounts payable | $1,200 | |
Utilities payable | $350 | |
Unearned revenue | $2,100 | |
Common stock | $48,000 | |
Dividends | $3,700 | |
Service revenue | $6,650 | |
Salaries expense | $3,000 | |
Rent expense | $600 | |
Utilities expense | $350 | |
Total | $58,300 | $58,300 |
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