On November 1, 201X, Barbie Riley opened Barbies Art Studio. The following transactions occurred in November: 201X

On November 1, 201X, Barbie Riley opened Barbie’s Art Studio. The following transactions occurred in November:

201X

Nov. 1 Barbie Riley invested $6,000 in the art studio.

1 Paid three months’ rent in advance, $3,600.

3 Purchased $1,800 of equipment from Brasa Co. on account.

5 Received $8,000 cash for art-training workshop for teachers.

8 Purchased $350 of art supplies for cash.

9 Billed Walter Co. $4,000 for group art lesson for its employees.

10 Paid salaries of assistants, $500.

15 Barbie withdrew $300 from the business for her personal use.

28 Paid electrical bill, $130.

29 Paid telephone bill for November, $210.

Your tasks are to do the following:

a. Set up the ledger based on the following chart of accounts.

b. Journalize (journal is page 1) and post the November transactions.

c. Prepare a trial balance as of November 30, 201X.

The chart of accounts for Barbie’s Art Studio is asfollows:

Transcribed Image Text:

Chart of Accounts Owner's Equity 311 Barbie Riley, Capital 312 arbie Riley, Withdrawals Revenue 411 Expenses 511 Electrical Expense 521 531 Telephone Expense Assets Cash Accounts Receivable Prepaid Rent Art Supplies 112 114 121 131 Equipment Liabilities 211 Art Fees Earned Accounts Payable Salaries Expense