Homework SourseA Record events in the general journal B Post the events to
A. Record events in the general journal.
B. Post the events to T-accounts and determine the ending account balances.
C. Test the equality of the debit and credit balances for the T-Accounts by preparing a trial balance.
Determine the amount of total assets at the end of 2014. Determine the amount of net income for 2014. c. d. Appendix 1-3 Recording events in the general journal, posting to T-accounts, and preparing a trial balance The following events apply to Complete Business Service in 2014, its first year of operations 1. Received $30,000 cash from the issue of common stock. 2. Earned $25,000 of service revenue on account. 3. Incurred $10,000 of operating expenses on account. 4. Received $20,000 cash for performing services. 5. Paid $8,000 cash to purchase land. 6. Collected $22,000 of cash from accounts receivable. 7. Received a $6,000 cash advance for services to be provided in the future. 8. Purchased $900 of supplies on account. 9. Made a S7,500 payment on accounts payable. 10. Paid a $5,000 cash dividend to the stockholders. 11. Recognized $500 of supplies expense 12. Recognized $5,000 of revenue for services provided to the customer. Event 7.Solution
1 Cash 30000 Common stock 30000 2 Accounts receivable 25000 Service revenue 25000 3 Operating expense 10000 accounts payable 10000 4 Cash 20000 Service revenue 20000 5 Land 8000 Cash 8000 6 Cash 22000 Accounts receivable 22000 7 Cash 6000 Unearned service revenue 6000 8 Supplies 900 Accounts payable 900 9 Accounts payable 7500 Cash 7500 10 Cash dividend 5000 Cash 5000 11 Supplies expense 500 Supplies 500 12 Unearned service revenue 5000 Service revenue 5000 Trial balance Cash 57500 Accounts receivable 3000 Supplies 400 Land 8000 Accounts payable 3400 Unearned service revenue 1000 Common stock 30000 Service revenue 50000 Cash dividend 5000 Operating expense 10000 Supplies expense 500 Total 84400 84400
