Question

Question:Journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance The following transactions occurred during the month for Teresa Parker, CPA:

Jun. 1 Parker opened an accounting firm by contributing \(13,200 cash and office furniture with a fair market value of \)5,300 in exchange for common stock.

5 Paid monthly rent of \(1,300.

9 Purchased office supplies on account, \)600.

14 Paid employee’s salary, \(1,900.

18 Received a bill for utilities to be paid next month, \)370.

21 Paid \(500 of the accounts payable created on June 9.

25 Performed accounting services on account, \)5,700.

28 Paid cash dividends of $6,700

Requirements 3. Prepare the trial balance as of June 30, 2018

Short answer

The required trial balance is prepared in step 2.

Step-by-step solution

Step-by-Step SolutionStep 1:Definition of trial Balance

The Trial Balance is defined as the accounting worksheet which helps in checking the accuracy of the financial preparation.

Step 2:Preparation of Trial Balance

Teresa Parker, CPA
Trial Balance
June 30, 2018
Account Title	Debit ($)	Credit ($)
Cash	$2,800
Accounts Receivables	$5,700
Office Supplies	$600
Office furniture	$5,300
Accounts Payable		$100
Utilities Payable		$370
Common Stock		$18,500
Dividends	$6,700
Service Revenue		$5,700
Salaries Expense	$1,900
Rent Expense	$1,300
Utilities Expense	$370
Total	$24,670	$24,670