Financial Accounting: P2-1 Donna White started her practice as a design consultant
Financial Accounting and the Entrepreneur P2-1 Donna White started her practice as a design consultant on January 1, 2012. During the first month of operations, the business completed the following transactions: Jan 1 Received $35.000 cash and gave capital to white 4 Purchased supplies, $300, and furniture, $2.200, on account 6 Performed services for a law firm and recieved $2.000 cash 7 Paid $23.000 cash to acquire land for a future office site 10 Performed service for a hotel and recieved its promise to pay the $900 within one week 14 Paid for the furniture purchased january 4 on account 15 Paid secretary's bi-monthly salary, $590 17 Recieved cash on account, $700 20 Prepared a design for a school on account, $700 28 Received $2.400 cash for consulting with plummer & gorden 31 Paid rent expense, $490 31 White withdrew $2.300 for personal use Requirements 1. Record each transaction in the journal. Key each transaction by date. Explanations are not required. 2. Post the transactions to T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account "Bal." 3. Prepare the trial balance of Donna White, Designer, at January 31, 2012.
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