structions

The trial balance of Isabel's Stitch & Sew on June $30$ is shown below:

ISABEL'S STITCH & SEW

Trial Balance

June $30,2003$

Account No$.$

Debit

Credit

$101$ Cash

$ $8,750$

$112$ Accounts Receivable

$2,320$

$126$ Supplies

$1,900$

$157$ Equipment

$9,000$

$201$ Accounts Payable

$ $5,500$

$206$ Unearned Revenue

$800$

$301$ Isabel Smith, Capital

$\_\_\_\_\_\_$

$15,670$

$$21,970$

$$21,970$

$======$

$======$

The July transactions were as follows:

July $5$

Received $$850$ cash from customers on account.

$10$

Billed customers for services performed, $$6,300.$

$15$

Paid employee salaries, $$1,400.$

$15$

Withdrew $$500$ for personal use.

$16$

Performed $$600$ of services for customers who paid in advance in June.

$20$

Paid $$2,000$ to creditors on account.

$21$

Received $$250$ for services rendered on a cash basis $($i$.$e$.,$ not on account$).$

$26$

Purchased supplies on account, at a cost of $$350.$

$29$

Invested $$600$ of personal funds into the business.

$30$

Paid utilities $$900.$

Instructions

$($a$)$ Enter the opening balances in the ledger accounts as of July $1.$ Write "Balance" in the explanation space and insert a check mark in the reference column. Provision should be made for the following additional accounts: No$.306$ Isabel Smith, Drawings, No$.426$ Service Revenue, No$.726$ Salaries Expense, and No$.732$ Utilities Expense.

$($b$)$ Journalize the transactions.

$($c$)$ Post to the ledger accounts.

$($d$)$ Prepare a trial balance as of July $31,2003$ solve in excel