ACC 205 Week 1 Exercise 9 Entry and trial balance preparation

ACC 205 Week 1 Exercise 9 Entry and trial balance preparation

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.
  1. Record the necessary journal entries for June on page 2 of the company’s general journal. (See Exhibit 2.6)
  2. Open running balance ledger “T” accounts by entering account titles, account num­bers, and May 31 balances. (See exhibit 2.3 and 2.4)
  3. Post the journal entries to the “T” accounts.
  4. Prepare a trial balance as of June 30. (See exhibit 2.9)

 

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