Question
Transactions Descriptions of the transactions for the month of March are provided in the following table. Each of the transactions that follow has been posted
Transactions
Descriptions of the transactions for the month of March are provided in the following table. Each of the transactions that follow has been posted to the T accounts. Referring to the T accounts, select the date on which each transaction occurred, enter the amount of the transaction, and select the account to debit and credit.
Transaction | Date | Amount | Debit | Credit |
Purchased equipment, giving a note payable for the purchase price. | 3/2 | $1700 | Office Equipment | Notes Payable |
Paid rent for April. | 3/3 | $2300 | Rent Expense | Cash |
Purchased supplies on account. | 3/7 | $1650 | Supplies | Accounts Payable |
Recorded fees earned on account. | 3/18 | $9800 | Accounts Receivable | Fees Earned |
Received cash for fees earned. | 3/25 | $7425 | Cash | Fees Earned |
Paid creditors on account. | 3/27 | $1175 | Accounts Payable | Cash |
KL Company Inc. issued additional shares of common stock in exchange for cash. | 3/28 | $5500 | Cash | Common Stock |
Paid wages. | 3/29 | $3625 | Wages Expense | Cash |
Received cash from customers on account. | 3/30 | $7975 | Cash | Accounts Receivable |
KL Company Inc. paid dividends to its stockholders. | 3/31 | $1850 | Dividends | Cash |
Feedback
If you are having trouble, try completing the items you are sure of first. Then, match up the remaining transactions.
Trial Balance: Unequal Totals
The intern has prepared the following trial balance for the month of March.
KL Company Inc. Unadjusted Trial Balance March 31, 20Y3 | ||
Account Title | Debit Balances | Credit Balances |
Cash | 24,550 | |
Accounts Receivable | 3,775 | |
Supplies | 1,875 | |
Office Equipment | 17,000 | |
Accounts Payable | 1,725 | |
Notes Payable | 17,000 | |
Common Stock | 13,000 | |
Retained Earnings | 1,425 | |
Dividends | 1,850 | |
Fees Earned | 9,800 | |
Rent Expense | 3,200 | |
Wages Expense | 3,625 | |
49,775 | 49,050 |
Trial Balance: Correct
The Trial Balance: Unequal Totals was prepared by the intern. The intern is puzzled by the unequal totals. Prepare a corrected trial balance. If an amount box does not require an entry, leave it blank.
KL Company Inc. Unadjusted Trial Balance March 31, 20Y3 | ||
Account Title | Debit Balances | Credit Balances |
Cash | ||
Accounts Receivable | ||
Supplies | ||
Office Equipment | ||
Accounts Payable | ||
Notes Payable | ||
Common Stock | ||
Retained Earnings | ||
Dividends | ||
Fees Earned | ||
Rent Expense | ||
Wages Expense | ||
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