Entry and trial balance preparation.
pavockEntry and trial balance preparation. Lee Adkins is a portrait artist. The following schedule represents Lee’s combined chart of accounts and trial balance as of May 31.
Account number Account name Debit Credit
110 | Cash | $ 2,700 |
| |
120 | Accounts Receivable | 12,100 |
| |
130 | Equipment and Supplies | 2,800 |
| |
140 | Studio | 45,000 |
| |
210 | Accounts Payable |
| $2,600 | |
310 | Lee Adkins, Owners Equity |
| 57,400 | |
320 | Lee Adkins, Drawing | 30,000 |
| |
410 | Revenue |
| 39,000 | |
510 | Advertising Expense | 2,300 |
| |
520 | Salaries Expense | 2,100 |
| |
540 | Utilities Expense | 2,000 |
| |
| $99,000 | $99,000 | ||
The general ledger also revealed account no. 530, Legal and Accounting Expense. The following transactions occurred during June:
6/2: | Collected $7,500 on account from customers. |
6/7: | Sold 25% of the equipment and supplies to a young artist for $700 for cash |
6/10: | Received a $500 bill from the accountant for preparing last quarter’s financial statements. |
6/15: | Paid $2,100 to creditors on account. |
6/27: | Adkins withdrew $1,000 cash for personal use. |
6/30: | Billed a customer $3,000 for a portrait painted this month. Open running balance ledger “T” accounts by entering account titles, account numbers, and May 31 balances. |
- 12 years ago
- 10
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