(L. OBJ. 2, 3, 4, 5) Journalizing transactions, posting to accounts in four-column forma...

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

Vince Smith opened a law office on March 2, 2010. During the first month of operations, the business completed the following transactions:

Requirements

1. Open the following T-accounts: Cash; Accounts receivable; Supplies; Furniture; Land; Accounts payable; Vince Smith, Capital; Vince Smith, Withdrawals; Service revenue; Salary expense; Rent expense.

2. Record each transaction in the journal, using the account titles given. Key each transaction by date. Explanations are not required.

3. Post the transactions to T-accounts, using transaction dates as posting references in the ledger. Label the balance of each account Ba!, as shown in the chapter.

4. Prepare the trial balance of Vince Smith, Attorney, at March 31, 2010.