3-3B Objective: To record transactions, post, and prepare a trial balance On January 2, 20XI, Yuliana Auld began an income tax preparation firm called Auld and Associates. During the first month of operations, the firm completed the following transactions: 20X1 Jan. 2 Yuliana invested the following assets in the firm: cash, $3,900; office supplies, $550; and office equipment, $15,500. 2 Paid rent for the month, $675. 3 Purchased office supplies for cash, $230. 5 Purchased an executive desk and chair set, $3,200, paying $800 down and owing the balance. 8 Received cash for accounting services performed, $3,300. 11 14 Yuliana withdrew $250 cash for personal use. Performed accounting services on credit, $2,250. 17 Paid the liability ofJanuary 5, $2,400. 20 Paid utilities for the month, $600. 22 Paid $65 for repairs to equipment. 25 Purchased additional office supplies for cash, $400. Discovered that $45 worth of the office supplies purchased on January 25 were of poor quality. The supplies were returned for a cash refund. 29 Collected $1,200 of the amount due from January 14. 30 Paid salaries for the month, $1,100. 31 Paid telephone bill, $224. 30 Paid salaries for the month, $1,100. 31 Paid telephone bill, $224. 31 Paid miscellaneous expenses, $185. Directions: 1. Open a ledger of balance form of accounts for Auld and Associates using the following account titles and numbers: Cash, 111; Accounts Receivable, 112; Office Supplies, 113; Office Equipment, 118; Accounts Payable, 211; Yuliana Auld, Capital, 311; Yuliana Aul4, Drawing, 312; Accounting Fees Earned, 411; Rent Expense, 511; Salaries Expense, 512; Utilities Expense, 513; Telephone Expense, 514; Repairs Expense, 515; and Miscellaneous Expense, 516. Chapter 3 Starring the Accounting Cycle for a Service Business 127 EVIEW, PRACTICE AND APPLY 2. Record the transactions in a general journal. 3. Post the journal entries to the ledger. 4. Prepare a trial balance of the ledger as of January 31, 20X1