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Instructions

The following transactions pertain to Price Corporation for 20xx:
Jan. 1 Acquired $25,000 cash from the issuance of common stock.
Mar.  1  Paid rent for office space for two years, $8,400 cash.
Apr. 14 Purchased $400 of supplies on account.
June 30 Received $12,000 cash in advance for services to be performed over the next year
July 5 Paid $300 of the accounts payable from April 14th
Aug. 1 Billed a customer for $24,800 of services provided during July.
Sept.    1 Paid employees salaries of $18,000 cash.
Sept.  9 Received $4,250 cash from accounts receivable.
Nov.   2 Paid a $500 cash dividend to the stockholders.
Dec 31  Adjusted records to recognize the services provided on the contract of June 30.
Dec 31  Recorded $1,100 of accrued salaries as of December 31st.
Dec 31  Recorded the rent expense for the year.  (See March 1)
Dec 31  Physically counted supplies; $50 on hand at the end of the year.
Record the preceding transactions in the general journal.
Post the transactions to the T-accounts.
Prepare a trial balance.
Prepare closing entries and post them to the T-accounts.
Prepare a trial balance after closing. (Post Closing Trial Balance)

Chapter 3

Date Account Dr Cr
1-Jan Cash 25000
Common Stock 25000
1-Mar Prepaid rent 8400
Cash 8400
14-Apr Supplies 400
Account Payable 400
30-Jun Cash 12000
Unearned Revenue 12000
5-Jul Accounts Payable 300
Cash 300
1-Aug Account Receivable 24800
Service Revenue 24800
1-Sep Salaries Expense 18000
Cash 18000
9-Sep Cash 4250
Accounts Receivable 4250
2-Nov Dividends 500
Cash 500
31-Dec Unearned Revenue 6000
Service Revenue 6000
31-Dec Salaries Expense 1100
Salaries Payable 1100
31-Dec Rent Expense 3500
Prepaid Rent 3500
31-Dec Supplies Expense 350
Supplies 350

Chapter 3 T-Accounts

_______Cash______ __Salary Payable_ ____Revenue_____
1-Jan 25000 1-Mar 8400 31-Dec 1100 1-Aug 24800
30-Jun 12000 5-Jul 300 31-Dec 6000
9-Sep 4250 1-Sep 18000 Bal 1100
2-Nov 500
Bal. 14050 _Accounts Payable_ Bal 30800
5-Jul 300 14-Apr 400
Bal 100 ___Rent Expense__
Accounts Receivable 31-Dec 3500
1-Aug 24800 9-Sep 4250 Unearned Revenue
31-Dec 6000 30-Jun 12000 Bal. 3500
BAL 20550
Bal 6000
__Supplies Expense__
_____Supplies______ __Common Stock__ 31-Dec 350
14-Apr 400 31-Dec 350 25000 1-Jan
Bal. 350
Bal 50 Bal 25000
Retained Earnings
Bal. 0
___Prepaid Rent___ __Salary Expense__
1-Mar 8400 31-Dec 3500 1-Sep 18000
31-Dec 1100
Bal 4900
Bal 19100
____Dividend____
2-Nov $ 500
Bal. $ 500

Chapter 3 TBal

Price Corporation
Trial Balance
December 31, 20xx
Dr Cr
Cash 14050
Accounts Receivable 20550
Supplies 50
Prepaid Rent 4900
Salary Payable 1100
Accounts Payable 100
Unearned Revenue 6000
Common Stock 25000
Retained Earnings 0
Dividend 500
Revenue 30800
Rent Expense 3500
Supplies Expense 350
Salary Expense 19100
Total 63000 63000

Chapter 3 TBal After Closing

Price Corporation
Post Closing Trial Balance
December 31, 20xx
Dr Cr
Cash
Accounts Receivable
Supplies
Prepaid Rent
Salary Payable
Accounts Payable
Unearned Revenue
Common Stock
Retained Earnings
Dividend
Revenue
Rent Expense
Supplies Expense
Salary Expense
Total