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The consulting firm of Martin and Associates uses the accounts listed below. Record the opening balances as of December 1, 2019 on the normal balance
The consulting firm of Martin and Associates uses the accounts listed below. Record the opening balances as of December 1, 2019 on the normal balance side of the following T-Accounts. List of accounts with their opening balances:
Cash | $ | 6,600 | Fees Income | -0- | |
Accounts Receivable | 9,600 | Rent Expense | -0- | ||
Office Equipment | 9,100 | Utilities Expense | -0- | ||
Accounts Payable | 8,400 | Salaries Expense | -0- | ||
Joan Martin, Capital | 16,900 | ||||
Joan Martin, Drawing | -0- | ||||
The firm has the following transactions during the month of December 2019. Record the effects of these transactions in the T accounts.
- Paid $2,600 for one months rent.
- Collected $6,400 in cash from credit customers.
- Performed services for $8,600 in cash.
- Paid $5,600 for salaries.
- Issued a check for $4,600 to a creditor.
- Performed services for $11,600 on credit.
- Purchased office equipment for $2,600 on credit.
- The owner withdrew $4,600 in cash for personal expenses.
- Issued a check for $760 to pay the monthly utility bill.
- Post the above transactions into the appropriate T accounts.
- Using the information shown, prepare a trial balance for Martin and Associates at December 31, 2019.
Complete this question by entering your answers in the tabs below.
- Ledgers
- Trial Balance
Post the above transactions into the appropriate T accounts. (Record the transactions in the given order.)
Post the above transactions into the appropriate T accounts. (Record the transactions in the given order.) Cash Accounts Receivable Beg. bal. Beg. bal. Bal. Bal. Office Equipment Accounts Payable Beg. bal. Beg. bal. Bal. Bal. Joan Martin, Capital Joan Martin, Drawing Beg. bal. Beg. bal. Bal. Bal. Rent Expense Fees Income Beg. bal. Beg. bal. Bal. Bal. Utilities Expense Salaries Expense Beg. bal. Beg. bal. Bal. Bal. MARTIN AND ASSOCIATES Trial Balance December 31, 2019 Debit Account Name Credit $ $ 0 0 Total
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