Journalizing transactions, posting to accounts in four-column format, and preparing a trial balance
The trial balance of Shermana Peters, Registered Dietician, at June 30, 2012, follows:
| SHERMANA PETERS, REGISTERED DIETICIAN Trial Balance 30-Jun-12 | |||
| Account No. | Account | Debit | Credit |
| 11 | Cash | $ 4,000 | |
| 12 | Accounts receivable | 7,600 | |
| 13 | Supplies | 600 | |
| 14 | Equipment | 16,000 | |
| 21 | Accounts payable | 5,200 | |
| 31 | Peters, capital | 23,000 | |
| 32 | Peters, drawing | ||
| 41 | Service revenue | ||
| 51 | Salary expense | ||
| 52 | Rent expense | ||
| Total | $28,200 | $28,200 | |
During July, Peters or her business completed the following transactions:
| Jul 4 | Collected $7,000 cash from a client on account. |
| 7 | Performed a nutritional analysis for a hospital on account, $4,900. |
| 12 | Peters used personal funds to pay for the renovation of her private residence, $53,000. |
| 16 | Purchased supplies on account, $800. |
| 19 | Peters withdrew cash of $2,200. |
| 20 | Paid business debt on account, $2,300. |
| 24 | Received $2,100 cash for consulting with Bountiful Foods. |
| 25 | Paid rent, $300. |
| 31 | Paid employee salary, $1,500. |
Requirements
1. Record the July transactions in the business’s journal. Include an explanation for each entry.
2. Post the transactions to four-column accounts in the ledger, using dates, account numbers, journal references, and posting references.
3. Prepare the trial balance of Shermana Peters, Registered Dietician, at July 31, 2012.
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