Balancing accounts and prepare trial balance (Learning Objectives 2 & 3)

10–15 min.

The transactions for Fun Time Daycare, Inc., for the month of May 2014 are posted in the following T-accounts.

Requirements 1. Calculate account balances at May 31, 2014.
2. Prepare the trial balance for Fun Time Daycare, Inc., at May 31, 2014.AppendixLO1

Transcribed Image Text:

Cash 111 Equipment 115 Service Revenue 411 May 1 35,000 May 4 12,700 May 4 12,700 May 6 3,000 6 3,000 9 600 Bal 17 5,100 23 750 29 1,500 Bal Bal Accounts Payable 211 Accounts May 9 600 May 2 Bal 900 Salaries Expense 501 May 29 1,500 Receivable 112 Bal May 17 5,100| May 23 750 Common Stock 311 Bal May 1 35,000 Bal Supplies 113 May 2 900 Bal