The following transactions occurred in June 201X for A. One's Placement Agency:

201X

June 1 A. One invested $9,000 cash in the placement agency.

1 Bought equipment from Tinker Co. for $1,500 on account.

3 Earned placement fees of $1,400, but payment will not be received until July.

5 A. One withdrew $600 for personal use.

7 Paid wages expense, $300.

9 Placed a client on a local TV show, receiving $4,000 cash.

15 Bought supplies from Cinder Co. for $350 on account.

28 Paid telephone bill for June, $220.

29 Advertising bill from Shawl Co. received but not paid, $500.

The chart of accounts for A. One Placement Agency is as follows:

Your tasks are to do the following:
a. Set up the ledger based on the chart of accounts using four-column accounts.
b. Journalize (page 1) and post the June journal entries.
c. Prepare a trial balance as of June 30, 201X.

Transcribed Image Text:

Chart of Accounts Owner's Equity 311 312 Revenue 411 Expenses 511 521 531 Assets Cash Accounts Receivable Supplies A. One, Capital A. One, Withdrawals 112 131 141 Equipment Liabilities 211 Placement Fees Earned Accounts Payable Wage Expense Telephone Expense Advertising Expense