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

(L. OBJ. 2, 3, 4, 5) Describing transactions, posting to T-accounts, and preparing a trial balance [20-30 min]

The journal of Bell Technology Solutions includes the following entries for August, 2010:

Requirements

1. Describe each transaction.

2. Set up T-accounts using the following account numbers: Cash, 110; Accounts receivable, 120; Supplies, 130; Accounts payable, 210; Lulu Bell, Capital, 310; Service revenue, 410; Rent expense, 510; Salary expense, 520.

3. Post to the accounts. Write dates and journal references in the accounts. Compute the balance of each account after posting.

4. Prepare the trial balance of Bell Technology Solutions at August 31, 2010.