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Please answer it in very less time Exercise 2. Recording transactions, using four-column ledger accounts, and preparing a trial balance The following transactions occurred during
Please answer it in very less time
Exercise 2. Recording transactions, using four-column ledger accounts, and preparing a trial balance The following transactions occurred during the month for Teresa Parker, CPA, P.C.: a. Parker opened an accounting firm by investing $14,100 cash and office furniture valued at $5,200. The business issued $19,300 of common stock to Parker. b. Paid monthly rent of $1,500. C. Purchased office supplies on account, $900. d. Paid employee's salary, $1,700. e. Paid $700 of the account payable created in transaction (c). f. Performed accounting service on account, $5,900. g. Paid cash dividends of $6,700. Requirements 1. Prepare transactions with explanations. 2. Open the following four-column accounts of Teresa Parker, CPA, P.C.: Cash, Accounts receivable, office supplies, Office furniture, Accounts payable, Common stock, Dividends, Service revenue, Salary expense, Rent expense. 3. Journalize the transactions and then post to the four-column accounts. Use the letters to identify the transactions. Keep a running balance in each account. 4. Prepare the trial balance at December 31, 2021Step by Step Solution
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