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Requirement 1. Record each transaction in the joumal, using the following account titlus Cash Accounts Receivable Office Supplies Prepaid insurance, Fumure Building, Land, Accounts Payable: Uits Payable Notes Payable Madden, Capital Maddien, Withdrawals Service Revenue Salaries Expanse Rent Expense and Us Expanse. Explanations are not required. Record debits first, then credits. Exclude explanation from ouma entries.) Jan. 1: Madden contributed $61,000 cash to the business, Trey Madden, Abomey. The business gave capital Madden Date Accounts Post. Rel. Debit Credit * More info JIL Jan. 1 Jan. 3. Purchased office supplies, $500, and future, 52,000, an account , Date Accounts and Explanation Jan. 3 Post Debt Credit Madden contributed 561,000 cash to the business, Trey Madden, Automy. The Jan. 1 business gave capital to Madden Jan. 3 Purchased ctice supplies $500, and fumitur, $2,000, on account Jan. 4 Performed legal services for a chant and received $1,200 cash Purchased a building with a market value of $50,000, and land with a market value of $21,000. The business paid $65.000 cash and signed anos payable to Jan. 7 the bank for the remaining amount Jan. 11 Prepared legal documents for a client on account, $1,000. Jan. 15 Paid assistant's samimonthly salary: 1,130 Jan. 16 Paid for the office supplies purchased on January 3 on account. Jan. 18 Received $2200 cash for helping a dientsel real estate Jan. 19 Defended a cient in court and billed the chant for $1,700. Jan. 25 Received a bil for $650. The bal will be paid next month Jan. 29 Received cash on scount 51.900 Jan. 30 Paid $840 cash for a 12-month insurance policy starting on February 1. Jan. 30 Paid assistant semmonthly salary$1,130 Jan. 31 Paid monthly rent perse$1,200. Jan. 31 Madden withdrew cash of $3,000 Jan. 4. Performed legal services for a client and rived $1,200 cash Date Accounts Jan. 4 Post. Ret Debit Credit Jan. 7. Purchased a building with a market value of $60,000, and land with a market value of $21,000. The business paid $55,000 cash and signed a note payable to the bank for the remaining amount Dats Accounts and Explanation Post. Rel. Debit Credit Jan 7 Print Done Jan. 11: Prepared legal documents for a client on account, $1,000 Date Account Post Rel Debit Credit Jan. 11 Jan. 15: Paid assistant's sermoniy salary: $1,130 Date Accounts Post Ret . Debit Credit Jan. 15 Jan. 18: Paid for the office supplius purchased on January 3 on account Date Accounts Post Rel Debit Credit Jan. 16 Jan. 18 Received $2.200 cash for helping a dientsel real estate Date Accounts Jan. 18 Post. Ret Debit Credit Jan. 19. Defended a cient in court and billed the client for $1,700. Date Accounts Post. Rel. Debit Credit Jan. 19 Jan. 25. Received a bil for $650. The bill will be paid next month Date Accounts Post. Rel. Debit Credit Jan. 25 Jan. 29: Received cash on account, $1,900. (Assume the collection was received from a customer for a previous sale on account) Date Accounts Post. Rel. Debit Credit Jan. 29 Jan. 30: Paid $40 cash for a 12-month insurance policy starting on February 1. Dale Accounts Posl. Ret Jan. 30 Debit Credit Jan. 30: Paid assistant's semimontily salary: $1,130. Date Accounts Jan. 20 Post. Rel. Debit Credit Jan. 31: Paid monthly rent expense 1,200. Accounts Jan 31 Post. Rel. Debit Credit Jan. 31: Madden withdrew cash of $3,000. Date Accounts Jan. 31 Post. Ref. Debit Credit Requirement 2. The following four-column accounts have been opened for each of the accounts. Cash, 101 Accounts Receivable, 111; Office Supplies, 121, Prepaid insurance, 131: Land, 141Building, 151, Furniture, 161, Accounts Payable, 201; Us Payable, 211; Notes Payable, 221; Madden Capital, 301; Madden, Withdrawals, 311; Service Revenue, 411, Salaries Expense 511; Rent Expense, 521, and the Expense, 531. Post the journal entries to four-column accounts in the ledger, using dates, account numbers, journal references, and posting references. Assume the joumal entries were recorded on page 1 of the journal. (Compute the new balance for each account aftur posting the transaction CASH Account No. 101 Balance Item Pest. Ral Debit Credit Debt Credit 2018 III Jan. 1 Jan. 4 Jan 7 Jan. 15 Jan. 16 Jan 18 MI MI Jan. 29 Jan. 30 Jan. 30 Jan. 31 Jan. 31 ACCOUNTS RECEIVABLE Account No. 111 Balance Date Item Post. Rel. Debit Credit Debit Credit 2018 Jan. 11 Jan. 19 Jan. 29 IN OFFICE SUPPLIES Account No. 121 Balance Date Item Pest. Rel. Debat Credit Debit Credit 2018 Jan 3 PREPAID INSURANCE Account No. 131 Balance Date Item Post. Rel Debi Credit Debit Credit 2018 Jan 30 LAND Account No. 141 Balance Debit Credit Date Item Pest. Rel. Debit Credit 2018 Jan 7 SERVICE REVENUE Account No. 411 Balance Debit Credit Item Post. Rel. Debit Credit Date 2018 Jan. 4 Jan. 11 Jan. 18 Jan. 19 SALARIES EXPENSE Account No. 511 Balance Debit Credit Date Item Post. Rol Debih Credit 2018 Jan. 15 Jan. 30 RENT EXPENSE Account No. 521 Balance Debit Credit Item Post. Rel. Debit Credit Date 2018 Jan. 31 UTILITIES EXPENSE Account No. 591 Balance Debit Credit Item Post. Rel. Debit Credit Date 2018 Jan. 25 BUILDING Account No. 151 Balance Post. Rel. Debit Credit Debit Credit Date 2018 Jan. 7 FURNITURE Account No. 161 Balance Debit Credit Item Post. Rel. Debit Credit Date 2018 Jan. 3 ACCOUNTS PAYABLE Account No. 201 Balance Debit Credit Date Item Post. Rol Debt Credit 2018 Jan. 3 Jan. 16 UTILITIES PAYABLE Account No. 211 Balance Debit Credit Date Item Post. Rel. Debit Credit 2018 Jan 25 NOTES PAYABLE Account No. 221 Balance Debit Credit Item Post. Rol Debit Credit Date 2018 Jan 7 MADDEN, CAPITAL Account No. 301 Balance Debit Credit Date Item Post. Rel. Debit Credit 2018 Jan. 1 MADDEN, WITHDRAWALS Account No. 311 Balance Date Item Post. Rel Debit Credit Debit Credit 2018 Jan. 31 Requirement 3. Prepare the trial balance of Trey Madsen, Atomey, at January 31, 2018 Tray Madden, Attorney Trial Balance January 31, 2018 Balance Account Title Debit Credit Total
