(Learning Objectives 2, 3, 4: Recording transactions; preparing a trial balance)

Jerome Smith, Certifi ed Public Accountant, operates as a professional corporation (P.C.). The business completed these transactions during the fi rst part of March, 20X6:

❙ Requirements 1. Journalize the transactions. Explanations are not required.

2. Post to the T-accounts. Key all items by date and denote an account balance on March 18, 20X6, as Bal.

3. Prepare a trial balance at March 18, 20X6. In the Serial Exercise of Chapter 3, we add transactions for the remainder of March and will require a trial balance at March 31.

Challenge Exercises