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Title: Accounting Homework (Journal, Ledger & Trial Balance)
Description: Accounting Homework (Journal, Ledger & Trial Balance)
Description: Accounting Homework (Journal, Ledger & Trial Balance)
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HOMEWORK
Question
Joan Robinson opens her own law office on July 1, 2010
...
Joan invested $11,000 in cash in the law practice
...
Paid $800 for July rent on office space
...
Purchased office equipment on account $3,000
...
Provided legal services to clients for cash $1,500
...
Borrowed $700 cash from a bank on a note payable
...
Performed legal services for client on account $2,000
...
Paid monthly expenses: salaries $500, utilities $300, and telephone $100
...
Joan withdraws $1,000 cash for personal use
...
(b) Prepare a trial balance for the month of July
...
Account Titles
1 Cash
Owner's Capital
2 Rent Expense
Cash
3 Equipment
Accounts Payable
4 Cash
Service Revenue
5 Cash
Notes Payable
6 Accounts Receivable
Service Revenue
7 Salaries Expense
Utilities Expense
Telephone Expense
Cash
8 Owner's Drawings
Cash
Debit
Credit
11000
11000
800
800
3000
3000
1500
1500
700
700
2000
2000
500
300
100
900
1000
1000
General Ledger
Cash
Transaction No
...
Explanation
Debit
6 Performed services on account
Credit
Balance
2000
2000
Equipment
Transaction No
...
Explanation
Debit
Credit
5 Borrowed cash from bank
Balance
700
700
Accounts Payable
Transaction No
...
Explanation
Debit
Credit
1 Owner's investments in business
11000
Balance
11000
Owner's Drawings
Transaction No
...
Explanation
Debit
Credit
4 Received cash for service provided
6 Performed services on account
1500
2000
Balance
1500
3500
Rent Expense
Transaction No
...
Explanation
Debit
7 Paid monthly salary
Credit
500
Balance
500
Utilities Expense
Transaction No
...
Explanation
7 Paid monthly telephone bill
Debit
Credit
100
Balance
100
(b)
Account Title
ROBINSON'S LAW OFFICE
Trial Balance
July 31,2010
Debit
Cash
Accounts Receivable
Equipment
Notes Payable
Accounts Payable
Owner's Capital
Owner's Drawings
Service Revenue
Rent Expense
Salaries Expense
Utilities Expense
Other Expense
Total
Credit
10500
2000
3000
700
3000
11000
1000
3500
800
500
300
100
18200
18200
Title: Accounting Homework (Journal, Ledger & Trial Balance)
Description: Accounting Homework (Journal, Ledger & Trial Balance)
Description: Accounting Homework (Journal, Ledger & Trial Balance)