(L. OBJ. 2, 3. 4, 5) Journalizing transactions, posting to T-accounts, and preparing a t...

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

Donna White started her practice as a design consultant on January 1, 2010. During the first month of operations, the business completed the following transactions:

Requirement.

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

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

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

4. Prepare the trial balance of Donna White, Designer; at January 31, 2010.