ACC 205 Week 1 Exercise 9 Entry and trial balance preparation
Entry and trial balance preparation. Lee Adkins is a portrait artist. The following schedule represents Lee’s combined chart of accounts and trial balance as of May 31.
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| 110 | Cash | $ 2,700 | |
| 120 | Accounts Receivable | 12,100 | |
| 130 | Equipment and Supplies | 2,800 | |
| 140 | Studio | 45,000 | |
| 210 | Accounts Payable | $2,600 | |
| 310 | Lee Adkins, Owners Equity | 57,400 | |
| 320 | Lee Adkins, Drawing | 30,000 | |
| 410 | Revenue | 39,000 | |
| 510 | Advertising Expense | 2,300 | |
| 520 | Salaries Expense | 2,100 | |
| 540 | Utilities Expense | 2,000 | |
| $99,000 | $99,000 |
The general ledger also revealed account no. 530, Legal and Accounting Expense. The following transactions occurred during June:
| 6/2: | Collected $7,500 on account from customers. |
| 6/7: | Sold 25% of the equipment and supplies to a young artist for $700 for cash |
| 6/10: | Received a $500 bill from the accountant for preparing last quarter’s financial statements. |
| 6/15: | Paid $2,100 to creditors on account. |
| 6/27: | Adkins withdrew $1,000 cash for personal use. |
| 6/30: | Billed a customer $3,000 for a portrait painted this month. |
- Record the necessary journal entries for June on page 2 of the company’s general journal. (See Exhibit 2.6)
- Open running balance ledger “T” accounts by entering account titles, account numbers, and May 31 balances. (See exhibit 2.3 and 2.4)
- Post the journal entries to the “T” accounts.
- Prepare a trial balance as of June 30. (See exhibit 2.9)
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