(L. OBJ. 2, 3, 4, 5) Journalizing transactions, posting to accounts in four-column forma...

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

Timothy Muse opened a law office on October 2, 2010. During the first month of operations, the business completed the following transactions:

Requirements

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

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

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

4. Prepare the trial balance of Timothy Muse, Attorney, at October 31, 2010.