class exercises, account classification ,Dan transaction analys

MBA520DUNNTransactionAnalysisICE_TEMPLATE.xlsx

Instructions

The trial balance of Dunn Service Center, Inc., on March 1, 2018, lists the entity's assets, liabilities, and stockholders' equity on that date.
	Account Title	Balance
		Debit	Credit
	Cash	$ 26,000
	Accounts Receivable	4,500
	Accounts Payable		$ 2,000
	Common Stock		10,000
	Retained Earnings		18,500
	Total	$ 30,500	$ 30,500
During March, the business completed the following transactions:
a	$ 45,000	Borrowing from the bank, with Dunn signing a note payable.
b	$ 40,000	Cash paid to a real estate company to acquire land.
c	$ 5,000	Cash received for services performed for a customer.
d	$ 300	Supplies purchased on credit.
e	$ 2,600	Revenue earned for services performed for a customer on account.
f	$ 1,200	Paid on account.
g	$ 3,000	Paid cash expenses; Salaries
g	$ 1,500	Paid cash expenses; Rent
g	$ 400	Paid cash expenses; Interest
h	$ 3,100	Received on account.
i	$ 200	Utility bill received that will be paid in the following week.
j	$ 1,800	Dividend declared and paid.
1	Use the T-Account format as provided. Enter the beginning balances as noted above.
2	Journalize the transactions (a-j). Key the journal entries by letter.
3	Post the transactions from the journal to the ledger.
	Compute the balance in each account after all transactions have been posted.
4	Prepare the trial balance at March 31, 2018.
5	Prepare a single-step Income Statement for the Month Ended March 31, 2018.
	List the expenses in the order from the largest to the smallest.

&"-,Bold"Transaction Analysis | Baker

ASSETS

LIABILITIES

STOCKHOLDERS' EQUITY

EXPENSES

Cash

Accounts Payable

Common Stock

Salary Expense

BAL

Accounts Receivable

Note Payable

Retained Earnings

Rent Expense

BAL

Supplies

Dividends

Interest Expense

BAL

Land

Service Revenue

Utilities Expense

BAL