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Mastery Problem: Analyzing Transactions

KL Company Inc.

In February, Katie Long formed KL Company Inc. Transactions for the month of March have been posted to the T accounts. An intern has prepared a trial balance from the T accounts, but there seem to be some errors.

T accounts

Cash

Bal. 8,000 3/3 2,300

3/25 7,725 3/27 1,275

3/28 4,500 3/29 3,375

3/30 8,125 3/31 1,900

Accounts Receivable

Bal. 1,950 _____. _____.

3/18 9,950 3/30 8,125

Supplies

Bal. 225 ____. ____.

3/7 1,450. ____. ____.

Office Equipment

3/2. 18,500 ___. ____.

Accounts Payable

3/27. 1,275 Bal. 1,250

____. ____. 3/7 1,450

Notes Payable

____. ____. 3/2 18,500

Common Stock

____. ____. Bal. 7,500

____. ____. 3/28 4,500

Retained Earnings

____. ____. Bal. 1,425

Dividends

3/31. 1,900 ____. _____.

Fees Earned

____. ____. 3/18 9,950

____. ____. 3/25 7,725

Rent Expense

3/3. 2,300 ____. ____.

Wages Expense

3/29. 3,375 ____. ____.

Required:

Transactions

Descriptions of the transactions for the month of March are provided in the following table. Each of the transactions that follow has been posted to the T accounts. Referring to the T accounts, select the date on which each transaction occurred, enter the amount of the transaction, and select the account to debit and credit.

Transaction Date Amount Debit Credit

Purchased equipment, _____. $ ____. ____.

giving a

note payable for the

purchase price.

Paid rent for April. ____. $ ____. ____.

Purchased supplies on account. ____. $ ____. ___.

Recorded fees earned on account. _____. $ ____. _____

Received cash for fees earned. ____. $ _____. _____.

Paid creditors on account. _____. $ _____. _____.

KL Company Inc. issued additional shares of common stock in exchange for cash. _____. $ _____. ______.

Paid wages. _____. $. _____. _____.

Received cash from customers on account. _____. $ _____. ______.

KL Company Inc. paid dividends to its stockholders _____. $ _______. _______.

Trial Balance: Unequal Totals

The intern has prepared the following trial balance for the month of March.

KL Company Inc.

Unadjusted Trial Balance

March 31, 2013

Account Title Debit Balances Credit Balances

Cash 24,100

Accounts Receivable 3,775

Supplies 1,675

Office Equipment 18,500

Accounts Payable 1,425

Notes Payable 18,500

Common Stock 12,000

Retained Earnings 1,425

Dividends 1,900

Fees Earned 9,950

Rent Expense 3,200

Wages Expense 3,375

50,325 49,500