Preparation of financial statements from a trial balance (Learning Objectives 3 & 4) 5–10 min.

Selected transactions from the journal of Wael, Inc. during its first month of operations are presented here.

Date ACCOUNT TITLES DEBIT CREDIT Cash Common Stock Cash Service Revenue Equipment Cash Notes Payable Accounts Receivable Service Revenue Cash Accounts Receivable

$ 20,000 3,200 12,000 3,500 900

$ 20,000 3,200 1,000 11,000 3,500 900 Aug. 1 10 12 25 31 Requirements 1. Post the transactions to T-accounts.

2. Prepare a trial balance at August 31, 2014.

AppendixLO1