Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Posting Journal Entries and preparing Trial Balance Dyna Corp, a iegal firm, completed the following transactions during the month of january, its first month of
Posting Journal Entries and preparing Trial Balance Dyna Corp, a iegal firm, completed the following transactions during the month of january, its first month of operations 1. Jan. 1 lssued 5,000 shares of conmon stock for 125,000 cash 2. Jan. 3 Purchased $30,000 of office equipment by psying $2,500 cash and by sigring a one-year, 10% interest bearing hote payable for the remaining balance 3. Jan. 3 Purchased 51,500 supplies on account. Hint Debin supplies. 5. Jan. 6 Received a 5750 cash deposit from a new client for legal work to commence neat month. 6. Jan. 10 Paid $2,500 cash for a 12 month insurance policy. 7. Jan. 13 Paid cash to settle the account for supplies purchased on janusry 3. 8.Jan, 20 Performed iegal services for $2,500 cash. 9.) an. 30 Collected \$1,000 cash from customer on atcount for legal services performed an january 4 10. Jan. 31 Pad s1,500 cash in solaries for the month of january. 11. Jan. 31 Paid $500 cash devidends to shareholders. 12. Jan. 31 Paid 12,500 cash for january rene. Using the information above, complete the following requirements. a. Post the journal entries 1 through 12 to T.accounts (serving as a ledger), and determine the ending balunce in each T-actount: dates: b. Prepare an unadjusted trial balance from the ledger in part a. Note: Do not use negative signs with your answers
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started