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.
Powered by