Acc102 Financial Accounting: P3-5 The May 31, 2014 Trial Balance of Marcus Lee, Chiropractor

Acc102 Financial Accounting 
Problem 3.5 Journal entries, entering beginning account balances, Posting To T Account, and Trial Balance 
The May 31, 2014 Trial Balance of Marcus Lee, Chiropractor is shown below. Ignore GST. 
MARCUS LEE, CHIROPRACTOR 
TRIAL BALANCE 
As At 31 May 2014 
Account Debit Credit 
Cash at Bank 96,300 
Accounts receivable 43,380 
Supplies 11,160 
Prepaid Insurance 7,380 
Furniture and equipment 236,880 
Accounts payable 8,820 
Electricity account payable 8,600 
Unearned revenue 2,640 
M. Lee, Capital 286,240 
M. lee, drawing 146,520 
Services Revenue 420,000 
Salary expense 154,840 
Electricity expense 8,600 
Rent expense 21,240 
726,300 726,300 

The following transactions were completed during June: 
June 
1 Purchased supplies on credit for $5230. 
3 Received $ 22 200 from patients as payment on account 
6 Paid the electricity expense of $8600, previously recorded. 
10 Performed services for $2000 that was recorded previously as unearned revenue. 
14 Recorded revenue of $ 162 350 in cash and $12 450 on credit. 
15 Paid salaries of $73 200. 
20 Purchased furniture for $14 000 and paid by electronic transfer. 
23 Paid Creditors $6400. 
24 Withdrew $80 000 from the business for personal use. 
26 Purchased insurance policy for $4200 to cover business assists. 
27 Received $12 000 from patients as payment on account 
29 Recorded revenue of $ 143 600 in cash and $ 21 000 on credit. 
30 Paid rent of $ 24 500. 

Required: 
A. Prepare Journal entries to record each transaction. 
B. 1. Open T account for the accounts show in the trial balance 
2. Enter the 31 May balance in each account. 
3. Post the journal entries to the T accounts. 
C. Prepare a trial balance as at 30 June 2014.
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