Ashley Somers owns San Diego Art Company, a firm providing designs for advertisers, market analysts, and others. On July 1, the business's general ledger showed the following normal account balances:
Transaction Analysis and Trial Balance Ashley somers owns San Diego Art Company, a firm providing designs for advertisers, market analysis, and others. On the business's general ledger showed the following normal account balances 111100 AD Payable 21.300 Total Libes and Stockholders Buy 2.500 The following transactions occurred during the month of Pad dut on the non -bennote payat a utenfor 10 Received invoice for ydering to be paid in 100 accounts with e nt Dividends Service Restamed Rent Expens e s Expense every Expert Advert er a. Set up accounts for the generale steps and Suppress . Prepare a trial balance as of July 31 ly balances and enter the beginning balance. A provide the following cont e s and record the w o n the appropriate account General Journal Description Date Debit Credit To record payment of rent expense. To record collections from customers 0 To record payment of notes payable. To record customer billings To record service fees rendered and collected To record payments to creditors To record collections from customers. 0 To record payment of delivery expense. To record salaries expense. (10) To record advertising expense to be paid following month To record payment of utilities expense To record payment of dividend 0 To record supplies expense for the month (14) To record purchase of computer. Equipment Beg 00 Bal 0 OOOOOOOOO Bar Accounts Payable Common Stock Retained Earnings Dividends 0 Ber 0 (12) 0 0 0 00 (10) OOO Service Fees Earned Rent Expense Salaries Expense Delivery Expense 14) 0 Unities Tense Advertising Expense 0 0 0 0 (10) Bal (11) Supplies Expense 0 0 0 0 SAN DIEGO ART COMPANY Trial Balance July 31 Debit Credit Cash Accounts Receivable Equipment Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Fees Earned Rent Expense Salaries Expense Delivery Expense Advertising Expense Utilities Expense Supplies Expense Totals Transaction Analysis and Trial Balance Ashley Somers owns San Diego Art Company, a firm providing designs for advertisers, market analysts, and others. On July 1, the business's general ledger showed the following normal account balances: Cash $11,300 Accounts Payable $2,400 Accounts Receivable 10,600 Notes Payable 5,800 Common Stock 10,900 Retained Earnings 2,800 Total Assets $21,900 Total Liabilities and Stockholders' Equity $21,900 Support The following transactions occurred during the month of July: July 1 Paid July rent, $1,470. 2 Collected $8,900 on account from customers. 3 Paid $3,300 installment due on the $5,800 noninterest-bearing note payable. 4 Billed customers for design services rendered on account, $20,350. 5 Rendered design services and collected from cash customers, $2,000. 6 Paid $2,500 to creditors on account. 7 Collected $15,550 on account from customers. 8 Paid a delivery service for delivery of graphics to commercial firms, $1,200. 9 Paid July salaries, $5,400. 10 Received invoice for July advertising expense, to be paid in August, $1,400. 11 Paid utilities for July, $1,150. 12 The business paid a $2,800 cash dividend. 13 Received invoice for supplies used in July, to be paid in August, $3,060. 14 Purchased computer for $5,100 cash to be used in business starting next month. Support General Journal Description Date Debit Credit (1) To record payment of rent expense. (2) To record collections from customers. To record payment of notes payable. (4) To record customer billings (5) OO OO OO OOOO OOO To record service fees rendered and collected. To record payments to creditors. ooooooooooooo OO OO OO OO OO OO OO To record collections from customers. To record payment of delivery expense. (9) To record salaries expense. (10) To record advertising expense to be paid following month. (11) OO OO OO OOO Accounts Payable Accounts Receivable Advertising Expense Cash Common Stock Delivery Expense Dividends Equipment Notes Payable Rent Expense Retained Earnings Salaries Expense Service Fees Earned Supplies Expense Utilities Expense Please P
