Question

Journal Entries Date Account Title and Explaination Debit Credit Post. Ref. (S) (S) Mar.1 15,000.00 Cash Common Stock To record Common Stock issued for Cash) $ 15,000.00 Mar.1 6,000.00 Cash Note Payable To record cash received though Note Pavable) 6,000.00 Mar.1 8,000.00 Truck Cash To record truck purchased for cash) $ 8,000.00 $ 1.500.00 Mar2 Prepaid Rent Cash To record 3 months rent paid) $ 1.500.00 Mar.3 2.400.00 Prepaid Insurance Cash To record Insurance Policy Purchased) $ 2.400.00 Mar.6 2.000.00 Supplies Accounts Payable To record Supplies purchased on account) 2.000.00 $ 3,700.00 Mar. 14 Accounts Receivable Service Revenue To record Service provided on accow) S 3,700.00 $ 500.00 Mar. 18 Accounts Payable Cash To record Pavables paid) S 500.00 1,750.00 1.750.00 Mar.20 Salaries Expense Cash (To record Salaries paid) Mar 21 Cash Accounts Receivable To record Collection of receivables) 1.600.00 1.600.00 1,600.00 Mar.21 Cash Accounts Receivable To record Collection of receivables) 1,600.00 4.200.00 Mar.28 Accounts Receivable Service Revenue To record Service provided on account) 4,200.00 350.00 Mar 31 Maintenance and Repairs Expense Cash (To record cash paid for gas and oil used in truck) $ 350.00 S 900.00 Mar 31 Dividends Cash To record Dividends paid) $ 900.00

Prepare a trial balance on a worksheet. and complete the worksheet.

Answer 1

Ref Credit $ Debit $ 7,200 6,300 8,000 1,500 2,400 2,000 Trial balance Particulars Cash Accounts Receivable Truck Prepaid Rent Prepaid Insurance Supplies Common Stock Notes Payable Accounts Payable Dividends Service Revenue Salaries expense Maintenance and Repairs expense Totals 15,000 6,000 1,500 900 7,900 1,750 350 30,400 30,400