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Julia Dumars is a licensed CPA. During the first month of operations of her business, Julia Dumars, Inc., the following events and transactions occurred.

May 1 Stockholders invested $21,300 cash in exchange for common stock.
2 Hired a secretary-receptionist at a salary of $2,800 per month.
3 Purchased $1,500 of supplies on account from Vincent Supply Company.
7 Paid office rent of $760 cash for the month.
11 Completed a tax assignment and billed client $2,900 for services performed.
12 Received $2,900 advance on a management consulting engagement.
17 Received cash of $1,800 for services performed for Orville Co.
31 Paid secretary-receptionist $2,800 salary for the month.
31 Paid 40% of balance due Vincent Supply Company.

Julia uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.

a. Journalize transactions
b. Post to ledger accounts
c. Prepare Trial Balance

Respuesta :

anthougo

a. The preparation of the journal entries for Julia Dumars, Inc. is as follows:

May 1 Debit 101 Cash $21,300

Credit 311 Common Stock $21,300

May 3 Debit 126 Supplies $1,500

Credit 201 Accounts Payable (Vincent Supply Company) $1,500

May 7 Debit 729 Rent Expense $760

Credit 101 Cash $760

May 11 Debit 112 Accounts Receivable $2,900

Credit 400 Service Revenue $2,900

May 12 Debit 101 Cash $2,900

Credit 209 Unearned Service Revenue $2,900

May 17 Debit 101 Cash $1,800

Credit 400 Service Revenue $1,800

May 31 Debit 726 Salaries Expense $2,800

Credit 101 Cash $2,800

May 31 Debit 201 Accounts Payable (Vincent Supply Company) $600 Credit 101 Cash $600

b. The ledger accounts are as follows:

No. 101 Cash

Date    Account Titles (with codes)   Debit   Credit

May 1 311 Common Stock              $21,300

May 7 729 Rent Expense                               $760

May 12 209 Unearned Service

              Revenue                          $2,900

May 17 400 Service Revenue       $1,800

May 31 726 Salaries Expense                   $2,800

May 31 201 Accounts Payable

(Vincent Supply Company)                         $600

May 31 Balance                                        $21,840

No. 112 Accounts Receivable

Date    Account Titles (with codes)   Debit   Credit              

May 11 112 Service Revenue           $2,900

No. 126 Supplies

Date    Account Titles (with codes)   Debit   Credit

May 3 Accounts Payable (Vincent

          Supply Company)               $1,500

No. 201 Accounts Payable

Date    Account Titles (with codes)   Debit   Credit

May 3 126 Supplies                                      $1,500

May 31 101 Cash                               $600

May 31 Balance                                $900

No. 209 Unearned Service Revenue

Date    Account Titles (with codes)   Debit   Credit

May 12 101 Cash                                          $2,900

No. 311 Common Stock

Date    Account Titles (with codes)   Debit   Credit

May 1 101 Cash                                           $21,300

No. 400 Service Revenue

Date    Account Titles (with codes)   Debit   Credit

May 11 112 Accounts Receivable                $2,900

May 17 101 Cash                                          $1,800

May 31 Balance                               $4,700

No. 726 Salaries and Wages Expense

Date    Account Titles (with codes)   Debit   Credit

May 31 101 Cash                             $2,800

No. 729 Rent Expense.

Date    Account Titles (with codes)   Debit   Credit

May 7 101 Cash                                  $760

c. The trial balance is as follows:

Julia Dumars, Inc.

Trial Balance

As at May 31

Account Titles                         Debit    Credit

Cash                                     $21,840

Accounts Receivable             2,900

Supplies                                  1,500

Accounts Payable                                 $900

Unearned Service Revenue               2,900

Common Stock                                   21,300

Service Revenue                                 4,700

Salaries & Wages Expense 2,800

Rent Expense                          760

Totals                              $29,800 $29,800

Data Analysis:

May 1 101 Cash $21,300 311 Common Stock $21,300

May 3 126 Supplies $1,500 201 Accounts Payable (Vincent Supply Company) $1,500

May 7 729 Rent Expense $760 101 Cash $760

May 11 112 Accounts Receivable $2,900 400 Service Revenue $2,900

May 12 101 Cash $2,900 209 Unearned Service Revenue $2,900

May 17 101 Cash $1,800 400 Service Revenue $1,800

May 31 726 Salaries Expense $2,800 101 Cash $2,800

May 31 201 Accounts Payable (Vincent Supply Company) $600 101 Cash $600

Learn more about preparing trial balance at https://brainly.com/question/24696035

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