Journalizing, posting, and trial balance preparation (Learning Objectives 3 & 4) 20–25 min.

Tom Slater opened an accounting firm on July 1, 2014. During the month of July, the business completed the following transactions:

Requirements 1. Open, or set up, the following T-accounts: Cash, Accounts Receivable, Supplies, Furniture, Land, Accounts Payable, Common Stock, Dividends, Service Revenue, Salaries Expense, and Rent Expense.
2. Journalize transactions. Explanations are not required.
3. Post the transactions to the T-accounts that have been set up for you, using transaction dates as posting references.
4. Calculate the balance in each account.
5. Prepare the trial balance for Slater & Associates, Inc., at July 31, 2014.AppendixLO1

Transcribed Image Text:

Jul 1 The business sold $100,000 of common stock to open the firm, Slater & Associates, Inc. Purchased supplies, $575, and furniture, $2,300, on account. Performed accounting service for a client and received cash, $1,600. Paid cash to acquire land for a future office site, $28,000. 8 11 14 19 23 28 Prepared tax returns for a client on account, $1,850. Paid assistant's salary, $575. Paid for the furniture purchased July 3 on account. Received $2,450 cash for accounting services performed. Billed a client for $3,300 of accounting services. Received $1,450 from client on account. 31 Paid secretary's salary, $575. Paid rent expense, $1,720. Paid $2,500 of dividends.