Entry and trial balance preparation.
Ace your studies with our custom writing services! We've got your back for top grades and timely submissions, so you can say goodbye to the stress. Trust us to get you there!
Order a Similar Paper Order a Different Paper
Entry 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 numÂbers, and May 31 balances. |
Looking for top-notch essay writing services? We've got you covered! Connect with our writing experts today. Placing your order is easy, taking less than 5 minutes. Click below to get started.
Order a Similar Paper Order a Different Paper
