Acc557 Financial Accounting: E2-9 Selected transactions from the journal of Roberta Mendez

Acc557 Financial Accounting

Exercise 2-9
Selected transactions from the journal of Roberta Mendez, investment broker, are presented below.
Date Account Titles and Explanation Ref. Debit Credit
Aug.1 Cash 5,000
Common Stock 5,000
(Investment of cash for stock)

10 Cash 2,700
Service Revenue 2,700
(Received cash for services provided)

12 Equipment 5,000
Cash 1,000
Notes Payable 4,000
(Purchased office equipment for cash and notes payable)

25 Accounts Receivable 1,600
Service Revenue 1,600
(Billed clients for services provided)

31 Cash 850
Accounts Receivable 850
(Receipt of cash on account)

Instructions:
a) Post the transactions to T accounts. (Post entries in the order displayed in the problem statement.)
b) Prepare a trial balance at August 31, 2014.
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