LO

$23$

E$2-29$B$.($Learning Objectives $2,3$: $$nderstanding how accounting works; journalizing transactions$)$ Green Tree Cellular, Inc., completed the following transactions during April $20$X$6,$ its first month of operations:

Apr $1$ Received $20,100$ and issued ordinary shares.

$2$ Purchased $700$ of office supplies on account.

$4$ Paid $15,200$ cash for land to use as a building site.

$6$ Performed service for customers and received cash of $2,300.$

$9$ Paid $150$ on accounts payable.

$17$ Performed service for UPS on account totaling $1,100.$

$23$ Collected $850$ from UPS on account.

$30$ Paid the following expenses: salary, $1,700$; rent, $1,300.$

Requirement

Record the transactions in the journal of Green Tree Cellular, Inc. Key transactions by date and include an explanation for each entry.

LO $313$

E$2-30$B$.($Learning Objectives $3,4$: Posting to the ledger; preparing and using a trial balance$)$

Refer to Exercise $2-29$B$.$

Recording Business Transactions

$101$

Requirements

Post the entries to the ledger, using $T-$accounts. Key transactions by date. Date the ending balance of each account April $30.$

Prepare the trial balance of Green Tree Cellular, Inc., at April $30,20$ X$6.$

From the trial balance, determine total assets, total liabilities, and total shareholders' equity on April $30?$