On September 1, 201X, Brittney Slater opened Brittney?s Art Studio. The following transactions occurred in September: Your
Question:
On September 1, 201X, Brittney Slater opened Brittney?s Art Studio. The following transactions occurred in September:
Your tasks are to do the following:
1. Set up the ledger based on the following chart of accounts using four-column accounts.
2. Journalize (journal is page 1) and post the September journal entries.
3. Prepare a trial balance as of September 30, 201X.
The chart of accounts for Brittney?s Art Studio is as follows:
Chart of Accounts Assets Owner's Equity 111 Cash 311 B. Slater, Capital 112 Accounts Receivable 312 B. Slater, Withdrawals 114 Prepaid Rent Revenue 121 Art Supplies 411 Art Fees Earned 131 Equipment Expenses Liabilities 511 Electrical Expense 211 Accounts Payable 521 Salaries Expense 531 Telephone Expense
Step by Step Answer:
1 2 BRITTNEYSART STUDIO GENERAL JOURNAL PAGE 1 Date 201X Account Titles and Description PR Dr Cr Sept 1 Cash 111 20 0 0 0 00 BSlater Capital 311 20 0 0 0 00 Owner investment 1 Prepaid Rent 114 2 1 0 0 ...View the full answer
College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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