Journalizing Transactions and Preparing a Trial Balance
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Town Architects incorporated as licensed architects on April 1, 2012. During the first month of the operation of the business, these events and transactions occurred.
Apr.1 Stockholders invested $18,000 in cash in exchange for common stock for the corporation
1 Hired a secretary-receptionist as a salary of $375 per week, payable monthly
2 Paid office rent for the month $900
3 Purchased architectural supplies on account from Spring Green Company $1,300
10 Completed blueprints on a carport and billed client $1,900 for services
11 Received $700 cash advance from J. Madison to design a new home
20 Received $2,800 cash for services completed and delivered to M. Svetlana
30 Paid secretary-receptionist for the month $1,500
30 Paid $300 to Spring Green Company for accounts payable due
The company uses these accounts: Cash, Accounts Receivable, Supplies, Accounts Payable, Unearned Service Revenue, Common Stock, Service Revenue, Salaries and Wages Expense, and Rent Expense.
Instructions
a) Journalize the transactions, including explanations
b) Post to the ledger T accounts
c) Prepare a trial balance on April 30, 2012
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Solution Summary
This solution illustrates how to journalize transactions, post them to T-accounts, and use the T-accounts to post the account balances to the trial balance.
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