1Please journalize and post each entry to T accounts 50 poin

1.Please journalize and post each entry to T accounts. (50 points)

JD Specialties performed the completed the following transactions:

Jan 2

Purchased $350 of supplies on account. (expense)

Jan 10

Performed services for client’s in the amount of $6,500 on account.

Jan 15

Paid wages of $1,500, insurance of $250, and travel expenses of $25.

Jan 28

Received $2,500 on account for services performed.

Jan 31

Received and paid utility bill in the amount of $750.

Supplies account

2.Prepare a trial balance from the information obtained in Problem 2. ( 20 points)

Jan 2	Purchased $350 of supplies on account. (expense)
Jan 10	Performed services for client’s in the amount of $6,500 on account.
Jan 15	Paid wages of $1,500, insurance of $250, and travel expenses of $25.
Jan 28	Received $2,500 on account for services performed.
Jan 31	Received and paid utility bill in the amount of $750.

Solution

Solution:

Part 1 --- Journal Entries

Date

General Journal

Debit

Credit

Jan.2

Supplies Expense

$350

Accounts Payable

$350

(Recorded purchase of supplies on account -- as given in the question treated as expense)

Jan.10

Accounts Receivable

$6,500

Service Revenue

$6,500

(Recorded Service performed on account)

Jan.15

Wages Expense

$1,500

Insurance Expense

$250

Travel Expense

$25

Cash

$1,775

(Recorded expenses paid in cash)

Jan.28

Cash

$2,500

Accounts Receivable

$2,500

(Recorded amount collected on account)

Jan.31

Utility Expense

$750

Cash

$750

(Recorded payment of utility bill in cash)

Part 2 – T-Accounts

Supplies Expense

Jan.2

$350

Accounts Payable

Jan.2

$350

Accounts Receivable

Jan.10

$6,500

Jan.28

$2,500

Service Revenue

Jan.10

$6,500

Wages Expense

Jan.15

$1,500

Insurance Expense

Jan.15

$250

Travel Expense

Jan.15

$25

Cash

Jan.28

$2,500

Jan.15

$1,775

Jan.31

$750

Utility Expense

Jan.31

$750

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As regards Trial Balance – Please provide the data of Problem 2.

Date	General Journal	Debit	Credit
Jan.2	Supplies Expense	$350
	Accounts Payable		$350
	(Recorded purchase of supplies on account -- as given in the question treated as expense)
Jan.10	Accounts Receivable	$6,500
	Service Revenue		$6,500
	(Recorded Service performed on account)
Jan.15	Wages Expense	$1,500
	Insurance Expense	$250
	Travel Expense	$25
	Cash		$1,775
	(Recorded expenses paid in cash)
Jan.28	Cash	$2,500
	Accounts Receivable		$2,500
	(Recorded amount collected on account)
Jan.31	Utility Expense	$750
	Cash		$750
	(Recorded payment of utility bill in cash)