Journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance
The trial balance of Shawn Merry, CPA, is dated March 31, 2018: During April, the business completed the following transactions:
Cash 11,000
Office Supplies 400
Accounts Receivable 16,500
Land 30,000
Furniture 0
Automobile 0
Accounts Payable 3,800
Unearned Revenue 0
Common Stock 52,300
Dividends 0
Rent Expense 800
Salaries Expense 5,600
Service Revenue 8,200
Total Balance \( 64,300 64,300
During April, the business completed the following transactions:
Apr. 4 Collected \)2,500 cash from a client on account.
8 Performed tax services for a client on account, \(5,400.
13 Paid \)3,000 on account.
14 Purchased furniture on account, \(3,600.
15 Merry contributed his personal automobile to the business in exchange for common stock. The automobile had a market value of \)9,500.
18 Purchased office supplies on account, \(900.
19 Received \)2,700 for tax services performed on April 8.
20 Paid cash dividends of \(6,500.
21 Received \)5,700 cash for consulting work completed.
24 Received \(2,400 cash for accounting services to be completed next month.
27 Paid office rent, \)600.
28 Paid employee salary, $1,700.
Requirements
2. Open the four-column ledger accounts listed in the trial balance, together with their balances as of March 31. Use the following account numbers: Cash, 11; Accounts Receivable, 12; Office Supplies, 13; Land, 14; Furniture, 15; Automobile, 16; Accounts Payable, 21; Unearned Revenue, 22; Common Stock, 31; Dividends, 33; Service Revenue, 41; Salaries Expense, 51; and Rent Expense, 52
