Problem

Journalizing transactions, posting to accounts in four-column format, and preparing a tria...

Journalizing transactions, posting to accounts in four-column format, and preparing a trial balance [45-60 min]

The trial balance of John Hilton, CPA, P.C., is dated March 31, 2012:

During April, Hilton or his business completed the following transactions:

Apr 4	Collected $7,000 cash from a client on account.
8	Performed tax services for a client on account, $5,000.
13	Paid business debt on account,$2,500.
18	Purchased office supplies on account, $600.
20	Paid cash dividends of $2,300.
21	Hilton paid for a deck for his private residence, using personal funds, $12,000.
22	Received $2,100 cash for consulting work just completed.
27	Paid office rent, $300.
28	Paid employee salary, $1,300.

Requirements

1. Record the April transactions in the journal. Include an explanation for each entry.
2. Post the transactions to four-column accounts in the ledger, using dates, account numbers, journal references, and posting references. Open the ledger accounts listed in the trial balance, together with their balances at March 31.
3. Prepare the trial balance of John Hilton, CPA, P.C., at April 30, 2012.