Journalizing and posting transactions.In June 2016, Carolyn Davis opened a photography stu...

Journalizing and posting transactions.

In June 2016, Carolyn Davis opened a photography studio that provides services to public and private schools. Her firm’s financial activities for the first month of operations and the chart of accounts appear below.

INSTRUCTIONS

1. Journalize the transactions. Number the journal page 1 and write the year at the top of the Date column. Describe each entry.

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2. Post to the ledger accounts. Before you start the posting process, open the accounts by entering the names and numbers in the headings. Follow the order of the accounts in the chart of accounts.

ASSETS

101 Cash

111 Accounts Receivable

121 Supplies

141 Office Equipment

151 Photographic Equipment

LIABILITIES

202 Accounts Payable

OWNER’S EQUITY

301 Carolyn Davis, Capital

302 Carolyn Davis, Drawing

REVENUE

401 Fees Income

EXPENSES

511 Office Cleaning Expense

514 Rent Expense

517 Salaries Expense

520 Telephone Expense

523 Utilities Expense

Analyze: What was the Cash account balance after the transaction of June 27 was recorded?