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Recording events in the general journal, posting it to T-accounts, and preparing trial balance The following events apply to Computer Services Inc. in the first
Recording events in the general journal, posting it to T-accounts, and preparing trial balance
The following events apply to Computer Services Inc. in the first year of operation:
- Acquired $40,000 cash from the issue of common s tock
- Earned $28,000 service revenue on account.
- Incurred $15,200 of operating expenses on account.
- Collected $26,400 cash from accounts receivable.
- Made a $13,600 payment to account payable
- Paid $2,000 casg dividend to sharehodlers.
- Received a $7,100 cash advance for services to be provided in the future.
- Purchased $1,600 of supplies on account
- Recognized $2,400 of revenue for services provided to the customer in Event 7.
- Recognized $1,200 of supplies expense
- Recorded $1,600 of accrued salary expense
- Reocgnized $450 of accrued interest revenue.
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