Exersize 3.11 a-c

b. Post elcl chuj Exhibit 3-8). c. Prepare a trial balance dated May 31, current year. Assume aceof not included in the trial balance. L03-3, L03-5, LO3-8, LO3-9 Georgia Corporation incorporated on September 2, current year. The company engaged in the fol- lowing transactions during its first month of operations. EXERCISE 3.11 Journalizing. Posting, and Preparing a Trial Balance Issued capital stock in exchange for $1,170,000 cash. Purchased land and a building for $1,080,000. The value of the land was $240,000, and the value of the building was $840,000. The company paid $120,000 cash and issued a note payable for the balance. Sept. 2 Sept. 4 Purchased office supplies for $600 on account. The supplies will last for several months. Sept. 12 Billed clients $216,000 on account. Recorded and paid salary expense of $72,000. Received $132.000 from clients billed on September 19. Sept. 19 Sept. 29 Sept. 30 A partial list of the account titles used by the company includes the following. Cash Accounts Receivable Office Supplies Land Building Notes Payable Accounts Payable Capital Stock Client Revenue Salary Expense a. Prepare journal entries, including explanations, for these transactions. b. Post each entry to the appropriate ledger accounts (use the T account format illustrated in Exhibit 3-8). Prepare a trial bal are not included in the trial balance. c. ance dated September 30, current year. Assume accounts with zero balances t03-3,L03-5,L03-8, L03-9 Elaine Consulting incorporated on February 1, current year EXERCISE 3.12 ing transactions during its first month