Recording events in the general journal, posting to T-accounts, and preparing a trial balance
The following events apply to Electronics Services Inc. in its first year of operation.
1. Acquired $80,000 cash from the issue of common stock.
2. Earned $56,000 of service revenue on account.
3. Incurred $30,400 of operating expenses on account.
4. Collected $52,800 cash from accounts receivable.
5. Made a $27,200 payment on accounts payable.
6. Paid a $4,000 cash dividend to the stockholders.
7. Received a $14,200 cash advance for services to be provided in the future.
8. Purchased $3,200 of supplies on account.
9. Recognized $4,800 of revenue for services provided to the customer in Event 7.
10. Recognized $2,400 of supplies expense.
11. Recorded $3,200 of accrued salaries expense.
12. Recognized $900 of accrued interest revenue.
Required
a. Record the events in T-accounts and determine the ending account balances.
b. Test the equality of the debit and credit balances of the T-accounts by preparing a trial balance.
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