(L. OBJ. 2, 3, 4, 5) Recording transactions, using four-column accounts, posting, and pr...

(L. OBJ. 2, 3, 4, 5) Recording transactions, using four-column accounts, posting, and preparing a trial balance [45—60 min]

Fran Stein started an environmental consulting company and during the first month of operations (February 2012) the business completed the following transactions:

Requirements

1. Open the following four-column accounts: Cash; Accounts receivable; Office supplies; Office furniture; Building; Accounts payable; Fran Stein, Capital; Frail Stein, Withdrawals; Service revenue; Salary expense; Rent expense; Advertising expense; Utilities expense.

2. Record each transaction in tile journal. Use the letters to identify the transactions.

3. Post to the accounts and keep a running balance for each account.

4. Prepare the trial balance of Stein Environmental Consulting Company at February 29, 2012.