Question

1. Record each transaction in the journal, using the following account titles: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Land, Building, Furniture; Accounts Payable; Utilities Payable; Notes Payable; Common Stock; Dividends; Service Revenue: Salaries Expense; Rent Expense; and Utilities Expense. Explanations are not required. 2. The following four-column accounts have been opened: Cash, 101Accounts Receivable, 111; Office SI oplies, 121, Prepaid Insurance, 131: Land, 141; Building, 151; Furniture, 161; Accounts Payable, 201: Utilities Payable, 211; Notes Payable, 221; Common Stock, 301: Dividends, 311, Service Revenue, 411; Salaries Expense, 511; Rent Expense, 521; and Utilities Expense, 531. Post the journal entries to four-column accounts in the ledger, using dates, account numbers, journal references, and posting references. Assume the journal entries were recorded on page 1 of the journal. 3. Prepare the trial balance of Taylor Murray, Attorney, at January 31, 2018

Answer 1

Taylor Murray, Attorney Journal Enteries Date Particulars Jan-01 Cash a/c Dr. To Common Stock (Capital invested) Debit in $ Credit in $ 61000 61000 Jan-03 800 1300 Office Supplies a/c Dr. Furniture a/c Dr. To Accounts Payable (Assets purchased) 2100 Trial Balance For the Month ending January 31 Acct. Particulars Debit in $ Credit in $ 101 Cash 27520 111 Accounts Receivable 1800 121 Office Supplies 800 131 Prepaid Insurance 1080 141 Land 30000 151 Building 90000 161 Furniture 1300 201 Accounts Payable 2100 211 Utilities Payable 300 221 Notes Payable 90000 301 Common Stock 61000 311 Dividends 3000 411 Service Revenue 5600 511 Salaries Expense 2200 521 Rent Expense 1000 531 Utilities Expense 300 Totals 159000 159000 Jan-04 1500 Cash a/c Dr. To Service Revenue (Services provided for cash) 1500 Jan-07 Dr. 30000 90000 Dr. Land a/c Building a/c To Cash To Note Payable (Assets purchased) 30000 90000 Dr. 700 Jan-11 Accounts Receivable a/c To Service Revenue (Services on account) 700 Jan-15 Dr. 1100 Salary Expense a/c To Cash (Salary paid) 1100 Jan-16 800 Accounts Payable a/c Dr. To Cash (Creditors paid) 800 Jan-18 2600 Cash a/c Dr. To Service Revenue (Services provided for cash) 2600 Jan-19 Dr. 800 Accounts Receivable a/c To Service Revenue (Services on account) 800 Jan-25 Dr. 300 Utilities Expense a/c To Utilities Payable (Expense accrued) 300 Jan-29 Dr. 500 Cash a/c To Accounts Receivable (Cash from debtors) 500 Jan-30 1080 Prepaid Insurance a/c Dr. To Cash (12 month insurance paid) 1080 Dr. 1100 Jan-30 Salary Expense a/c To Cash (Salary paid) 1100 Dr. 1000 Jan-31 Rent Expense a/c To Cash (Rent paid) 1000 Dr. 3000 Jan-31 Dividends a/c To Cash (Dividends paid) 3000

Notes Payable Acct:221 Date Debit in $ Credit in $ Balance Jan-07 90000 90000 Cash Date Jan-01 Jan-04 Jan-07 Jan-15 Jan-16 Jan-18 Jan-29 Jan-30 Jan-30 Jan-31 Jan-31 Acct:101 Debit in $ Credit in $ Balance 61000 61000 1500 62500 30000 32500 1100 31400 800 30600 2600 33200 500 33700 1080 32620 1100 31520 1000 30520 3000 27520 Common Stock Acct:301 Date Debit in $ Credit in $ Balance Jan-01 61000 61000 Dividends Acct:311 Date Debit in $ Credit in $ Balance Jan-31 3000 3000 Accounts Receivable Acct:111 Date Debit in $ Credit in $ Balance Jan-11 700 700 Jan-16 800 1500 Jan-19 800 2300 Jan-29 500 1800 Service Revenue Acct:411 Date Debit in $ Credit in $ Balance Jan-04 1500 1500 Jan-11 700 2200 Jan-18 2600 4800 Jan-19 800 5600 Salaries Expense Acct:511 Date Debit in $ Credit in $ Balance Jan-15 1100 1100 Jan-30 1100 2200 Office Supplies Acct:121 Date Debit in $ Credit in $ Balance Jan-03 800 800 Prepaid Insurance Acct:131 Date Debit in $ Credit in $ Balance Jan-30 1080 1080 Rent Expense Acct:521 Date Debit in $ Credit in $ Balance Jan-31 1000 1000 Land Date Jan-07 Acct:141 Debit in $ Credit in $ Balance 30000 30000 Utilities Expense Acct:531 Date Debit in $ Credit in $ Balance Jan-25 300 300 Building Date Jan-07 Acct:151 Debit in $ Credit in $ Balance 90000 90000 Furniture Date Jan-03 Acct:161 Debit in $ Credit in $ Balance 1300 1300 Accounts Payable Acct:201 Date Debit in $ Credit in $ Balance 800 800 Jan-03 1300 2100 Jan-16 800 1300 Jan-03 Utilities Payable Acct:211 Date Debit in $ Credit in $ Balance Jan-25 300 300