(L. OBJ. 3, 4, S) Recording transactions, using four-column ledger accounts, and preparing a trial balance [20—25 min)
The following transactions occurred during the month for Mona Wade, CPA:
a. Wade opened an accounting firm by investing $16,500 cash and office furniture valued at $5,300. The business gave $21,800 of capital to Wade.
b. Paid monthly rein of $1,400.
c. Purchased office supplies on account, $700.
d. Paid employee’s salary, $1,600.
e. Paid $400 of the account payable created in transaction (c).
f. Performed accounting service on account, $5,800.
g. Owner withdrew $6,800.
Requirements
1. Open the following four-column accounts of Mona Wade, CPA, Cash; Accounts receivable; Office supplies; Office furniture; Accounts payable; Mona Wade, Capital; Mona Wade, Withdrawals; Service revenue; Salary expense; Rent expense.
2. Journalize the transactions and then post to the Four-column accounts. Use the letters to identify the transactions. Keep a running balance in each account.
3. Prepare the trial balance, at December 31, 2011.
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