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Comprehensive Problem in Trial Balance

Cash $ 26,470

A/R   14,222

Office Supplies    4,298

Prepaid Insurance   23,137

Equipment 131,495

A/D - Equipment   $19,096

Accounts Payable  11,998

Unearned Service Revenue  14,336

Notes Payable  60,679

Common Stock  63,546
Retained Earnings  29,967


Totals                                              $199,622                  $199,622


During the month of July 2013, the following occurred:

July 1 received $7,350 of the prior month's receivables

July 2 paid $6,847 of the prior month's accounts payable and paid $4,000 for July rent

July 3 paid $7,500 of the notes payable 

July 5 provided a service and billed a client $4,087

July 8 bought office supplies for $3,120 cash

July 9 received $4,200 for a service to be provided

July 11 collected $8,028 of receivables

July 12 provided a service and billed a client $7,366

July 13 earned $5,500 of the prior month's unearned revenue

July 15 bought office supplies for $2,433 on account

July 17 provided a service and billed a client $6,250

July 19 received $3,100 for a service to be provided later

July 22 paid $3,877 travel (all for July travel)

July 24 paid $4,089 of accounts payable

July 25 paid temporary employees $3,890 of wages (all for July work)

July 26 paid $6,000 of the notes payable

July 28 paid the shareholder a $2,500 dividend

July 30 provided a service fully earning the $4,200 from July 9

July 31 paid the shareholder a $3,800 dividend

Part Ia provide general journal entries in general journal form for the above transactions Part Ib create a trial balance at July 31 fully taking into account the beginning balances and the general journal entries recorded in part Ia (t-accounts are recommended for key, or all, accounts; do not hand in t-accounts)
Note: part II will be provided after successful completion of part I 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9562618

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