Journalizing, posting, and trial balance preparation (Learning Objectives 3

& 4) 25–30 min.

The trial balance for XYZ Systems, Inc., at January 15, 2014, follows:

During the remainder of January, XYZ Systems, Inc., completed the following transactions:

Requirements 1. Journalize the transactions that occurred January 16 to January 30 on page 6 of the journal.
2. Open T-accounts for the ledger accounts listed in the trial balance and enter their beginning balances at January 15. Use the four-column account format illustrated in the chapter. Enter “Bal” for the January 15 balance in the item column. Post the transactions to the ledger, using dates, account numbers, and posting references.
Calculate the new account balances at January 31, 2014.
3. Prepare the trial balance for XYZ Systems, Inc., at January 31, 2014.AppendixLO1

Transcribed Image Text:

XYZ Systems, Inc. Trial Balance January 15, 2014 ACCT # ACCOUNT DEBIT CREDIT 110 Cash $ 2,700 112 Accounts Receivable 8,000 115 Supplies 1,000 140 Equipment 14,600 210 Accounts Payable $ 4,500 311 Common Stock 21,600 315 Dividends 2,800 411 Service Revenue 6,600 511 Salaries Expense 2,300 515 Rent Expense 1,300 Total $32,700 $32,700