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1. • CommentAuthorrlynn0829
   • CommentTimeApr 28th 2007

    
   1. Record the following transactions in the general journal. Use ONLY these account titles: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; YOUR NAME, Capital; YOUR NAME, Drawing; Service Revenue; Rent Expense; Supplies Expense; Utilities Expense. You may not need to use all of the accounts. Be sure to follow the proper format as outlined in your textbook.
   
   3/1/07 Invested $20,000 in cash and $5,000 of equipment in the business.
   
   3/5/07 Purchased equipment on account, $1,200.
   
   3/7/07 Purchased supplies on account, $500.
   
   3/10/07 Purchased supplies with cash, $1,000.
   
   3/13/07 Received cash for services provided to clients, $2,500.
   
   3/15/07 Paid rent, $850.
   
   3/20/07 Billed clients for services performed, $850.
   
   3/25/07 Paid for equipment purchased on 3/5/07.
   
   3/28/07 Received payment for services performed on 3/20/07.
   
   3/31/07 Withdrew cash for personal use, $3,000.
   
   2. After recording the transactions listed above, post to the general ledger.
   
   3. Prepare a trial balance for the month ended March 31, 2007.
   
   
   when im entering it in im not able to get it to balance....ive tried it 3 times and this is the basics....
2. • CommentAuthordarenatto
   • CommentTimeApr 29th 2007

    
   general journal Dr Cr
   
   3/1/07 cash 20000
   investment 20000
   
   
   equipment 5000
   cash 5000
   to record investment in the business
   
   3/5/07
   equipment 1200
   account payable 1200
   to record acquisition of equipment
   on account
   
   
   3/7/07 supplies 500
   account payable 500
   to record acquisition of supplies
   on account
   
   3/10/07 supplies 1000
   cash 1000
   to record acquisition of supplies
   on cash
   
   3/13/07 cash 2500
   revenue 2500
   to record revenue earned for services
   performed
   
   3/15/07 rent 850
   cash 850
   to record payment of rent by cash
   
   
   3/25/07 account payable 1200
   cash 1200
   to record payment of account for
   equipment purchased on 3/5/07
   
   
   3/28/07 cash 850
   revenue earned 850
   to record revenue earned for services
   performed
   
   3/31/07 withdrawal 3000
   cash 3000
   
   
   general ledger :
   
   cash
   
   dr cr
   20000 5000
   1000
   2500 850
   1200
   850 3000
   bal:12300
   
   
   investment
   dr cr
   20000
   
   equipment
   dr cr
   5000
   1200
   bal:6200
   
   account payable
   dr cr
   1200
   500
   1200
   bal 500
   
   supplies:
   dr cr
   500
   1000
   bal:1500
   
   revenue:
   dr cr
   2500
   850
   bal:3350
   
   rent
   dr cr
   850
   
   withdrawal:
   dr cr
   3000
   
   
   trial balance
   dr cr
   cash 12300
   equipment 6200
   supplies 1500
   investment 20000
   account payable 500
   revenue 3350
   rent 850
   withdrawal 3000
   
   23850 23850
   
   hope this will help.
   Cheers,
3. • CommentAuthordarenatto
   • CommentTimeApr 29th 2007

    
   investment,account payable and revenue will come under the credit heading in the trial balance since they all have a credit balance.
4. • CommentAuthoraakbar
   • CommentTimeMay 8th 2007 edited

    
   Trial Balance
   
   Cash 17300Dr
   Supplies 1500 Dr
   Equipment 6200 Dr
   A/Cs Payable 500Cr
   Capital 25000Cr
   Drawings 3000Dr
   Service Revenue 3350Cr
   Rent Exps 850Dr
   
   Total 28850Dr 28850Cr
   
   hope this will help u & pls getback to me at akbarbava@yahoo.com