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P2-9A Prepare trial balance. (LO 4) AP The following is an alphabetical list of accounts and balances for J. Saggit, proprietorship, at June 30, 2017: Accounts Payable $12,500 Notes Payable $30,000 Accounts Receivable 10,250 Prepaid Expenses 3,000 Cash 8,000 Rent Expense 4,500 Equipment 18,250 Service Revenue 63,050 Interest Expense 500 Supplies 5,000 J. Saggit, Capital 28,000 Utilities Expense 550 J. Saggit, Drawings 12,000 Salaries Expense 7,500 Land 64,000 Instructions Prepare a trial balance at June 30, sorting each account into the debit or the credit column. TAKING IT FURTHER J. Saggit believes that once the trial balance is prepared, if the debits equal the credits, then his financial statements will be error free. Advise J. Saggit if he is correct in his belief.BE3-2 Calculate missing data for supplies. (LO 2) AP Calculate the missing information in each of the following independent situations: Red Co. Blue Co. Green Co. Supplies on hand, May 31, 2016 $ 795 $ 985 $1,325 Supplies purchased during the year 3,830 3,070 2,395 Supplies on hand, May 31, 2017 665 ? 1,700 Supplies used during the year ? 2,750 ?E2-4 Identify accounts and determine debits and credits. (LO 1) C In the first month of business, Jakmak Interior Design Company had the following transactions: Mar. 5 The owner, Jackie Mackenzie, invested $10,220 cash in the business. 7 Paid $350 cash for advertising the launch of the business. 9 Purchased supplies on account for $1,050. 11 Purchased a used car for $8,770 cash, for use in the business. 13 Billed customers $1,520 for services performed. 25 Borrowed $10,880 from the bank and signed a note payable. 26 Received $1,140 cash from customers billed on March 13. 29 Paid for the supplies purchased on March 9. 30 Received $800 cash from a customer for services to be performed in April. 31 Paid Jackie Mackenzie $1,720 cash for her personal use. Instructions For each transaction, indicate: (a) the basic type of account debited and credited (asset, liability, or owner's equity); (b) the specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.); and (c) whether each account is increased (+) or decreased (-), and by what amount. Use the following format to complete the exercise; the first one has been done for you as an example: Account Debited Account Credited (a) (b) (c) (a) (b) (c) Date Basic Type Specific Account Effect Basic Type Specific Account Effect Mar. Asset Cash +$10,220 Owner's J. Mackenzie, +$10,220 5 Equity Capital E2-5 Record transactions. (LO 2) AP Using the data in E2-4 for Jakmak Interior Design Company, journalize the transactions
