11:41 AA Ims2.final.edu.tr C Question Empty Answer Question (2) Empty Answer (2) Date Accounts and explanations Debit Credit cash capital stock retained earnings accounts receivable Consulting Revenue office supplies Rent expense office equip Utilities expense accounts payable Epler Consulting Services, Inc. Trial Balance January 31, 2012 Account Title Debit Credit Total11:41 AA Ims2.final.edu.tr C Question Empty Answer Question (2) Empty Answer (2) Date Accounts and explanations Credit cash service revenue land building accounts receivable accounts p supplies equipment notes payable salary expense capital stock utilities expense dividends Silk, Inc. Trial Balance May 31, 2012 Account Title Debit Credit Total11:41 AA Ims2.final.edu.tr C Question Empty Answer Question (2) Empty Answer (2) Epler Consulting Services, Inc. engaged in the following business activity in January: Jan.20 Issued 5000 shares of capital stock for 50000. Jan.20 Paid 400 office rent for the remainder of January. Jan.21 Purchased office supplies for 200. The supplies will last for several months, and payment is not due until February 15. Jan.22 Purchased office equipment for 15000 cash. Jan.26 Performed consulting services and billed clients for $2000. The entire amount will not be collected until February. Jan.31 Recorded 100 utilities expense. Payment is not due until February 20. Required Record each of the above transactions in general journal form. Post each entry to the appropriate ledger accounts. Prepare a trial balance dated January 31, 2012.11:40 AA Ims2.final.edu.tr C Question Empty Answer Question (2) Empty Answer (2 Garnett Silk, after completing his medical education, established his own practice called Silk, Inc. on May 1. Transactions took place during the first month were as follows: May1: Mr. Silk started the business by depositing 80000 received from the sale of capital stock. May1: Obtained credit from the bank to be paid in six installments, $60,000. May1: Purchased land and building for 50000, paying cash. Fair market values of land and building were $20,000 and $30,000 respectively. May2: Purchased medical equipment from Niles Med., Inc. at a cost of $9,000. A cash down payment $1,000 was made and a note payable was signed for the remaining amount. May4: Bought $500 of office supplies on account. May8: Treated Michael Rose for several injuries caused in the accident. The patient paid $120 for the office visit and agreed to pay $40 on June 2 for the medical tests made. May15: Paid secretary's salary, $570. May16: Sold on account some of the equipment purchased on May 2, $900. May18: Paid $1,500 cash to purchase some medical equipment to be used. May20: Declared and paid a 5800 cash dividend to the company's stockholders. May24: Treated several patients and received $3,000 in cash. May27: Collected the amount for the equipment sold on May 16. May28: Purchased medical equipment on account, $800. May30: Paid secretary's salary, $570 May30: Received electricity bill for the month, $100. May31: Paid the first installment to the bank for the credit obtained on May1. Instructions: Journalize each transaction. Post to the ledger. Prepare the trial balance of Silk, Inc., at May 31, 2012
