Baily Realty, Inc., had the following transactions for the month of March, 2012.
Mar 2 Paid Rent Expense, $1,000.
4 Performed service for a customer and received cash, $1,100.
8 Purchased supplies on account, $100.
11 Received cash from credit customers on account, $2,600.
15 Sold an additional $45,000 of Common Stock.
19 Paid $450 on account.
27 Performed service for customers on account, $3,300.
31 Made a payment on the Notes Payable, $6,000.

The following T-accounts have been set up, for Baily Realty, Inc., with their beginning balances as of March 1, 2012.

Requirements
1. Journalize the transactions for the month of March. Explanations are not required.
2. Post the journal entries to the appropriate T-accounts. Identify all items by date.
3. Calculate the balance of each account at March 31, 2012.
4. Prove that the total of all the debit balances equals the total of all of the credit balances by preparing a trial balance at March 31,2012.

Transcribed Image Text:

Cash Accounts Payable 211 Mar1 400 Mar1 5,000 Accounts Receivable Notes Payable 212 Mar 9,000 112 Mar 1 2,800 Common Stock 311 Supplies 550 113 Mar 1 30.750 Mar 1 Service Revenue 411 Office Furniture 114 Mar1 2,600 Mar 1 2,900 Rent Expense 511 Building 116 Mar 1.500 Mar 1 30,000