accounting 1 459649

Hello,

Can someone please help me with the solution to this problem? I am enrolled in this course and just not understanding what I am to do. I know for a portion of the problem I use T accounts, but not sure what goes where. Also, I am not sure about the journal postings or the trial balance sheet. Any help you can provide would be great! I just want to try to understand this information and do well in the course. Thank you.

Problem reads:

Recording transactions, using four-column ledger accounts, and preparing a trial balance

The following transactions occurred during the month for Teresa Parker, CPA:

a. Parker opened an accounting firm by investing $14,100 cash and office furniture valued at $5,200. The business issued $19,300 of capital to Parker.

b. Paid monthly rent of $1,500.

c. Purchased office supplies on account, $900.

d. Paid employee’s salary, $1,700.

e. Paid $700 of the account payable created in transaction

(c).

f. Performed accounting service on account, $5,900.

g. Owner withdrew cash of $6,700.

Requirements

1. Open the following four-column accounts of Teresa Parker, CPA: Cash; Accounts receivable; Office supplies; Office furniture; Accounts payable; Parker, capital; Parker, drawing; Service revenue; Salary expense; Rent expense.

2. Journalize the transactions and then post to the four-column accounts, use the letters to identify the transactions. Keep a running balance in each account.

3. Prepare the trial balance at December 31, 2012.

So here is what I came up with thus far. Any guidance would be great and most appreciated.

For Requirement 1:

Cash Accounts Recievable

5,900.00 6700 5,900.00

14100

19300

Office Furniture

5,200.00

Office Supplies Parker, Capital

900.00 19300

Accounts Payable Service Revenue

900 5900

1500 14100

1700

Parker, drawings Salary Expense

6,700.00 1,700.00

Rent Expense

1,500.00

For Requirement 2:

A. Journal Entry Cash (A ) 14,100

Parker, Capital (Q ) 14,100

A. Journal Entry Office furniture (A ) 5,200

Accounts payable (L ) 5,200

A. Journal Entry Parker, Capital (Q ) 19,300

Cash (A-) 19,300

B. Journal Entry Rent Expense (E ) 1,500

Cash (A-) 1,500

C. Journal Entry Office Supplies (A ) 900

Accounts payable (L ) 900

D. Journal Entry Salary Expense (E ) 1,700

Cash (A-) 1,700

E. Journal Entry Accounts Payable (L-) 700

Cash (A-) 700

F. Journal Entry Accounts receivable (A ) 5,900

Service revenue (R ) 5,900

G. Journal Entry Parker, Drawing (D ) 6,700

Cash (A-) 6,700

For Requirement 3:

Teresa Parker,CPA

Trial Balance

December 31, 2012

Account Title

Balance

D C

Cash 22,800

Accounts receivable 5,900

Supplies 900

Furniture 5,200

Accounts payable 5,400

Parker, Capital 33,400

Parker, drawing 6,700

Service Revenue 5,900

Salary Expense 1,700

Rent Expense 1,500

Total 44,700 44,700