Journalizing transactions, posting to accounts in four-column format, and preparing a trial balance [45-60 min]
The trial balance of Sharon Silver, Registered Dietician, P.C., at Tune 30, 2012, follows.
During July, Silver or her business completed the following transactions:
Jul 4 | Collected $6,000 cash from a client on account. |
7 | Performed a nutritional analysis for a hospital on account, $6,600. |
12 | Silver used personal funds to pay for the renovation of her private residence, $55,000. |
16 | Purchased supplies on account, $1,000. |
19 | Paid cash dividends of $2,300. |
20 | Paid business debt on account, $2,500. |
24 | Received $2,200 cash for consulting with Natural Foods. |
25 | Paid rent, $500. |
31 | Paid employee salary, $1,700. |
Requirements
1. Record the July transactions in the business’s 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.
3. Prepare the trial balance of Sharon Silver, Registered Dietician, P.C., at July 31, 2012.
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