Recording transactions, using four-column accounts, posting, and preparing a trial balance
Van Stubbs started an environmental consulting company and during the first month of operations (October 2012), the business completed the following transactions:
| a. | Stubbs began the business with an investment of $40,000 cash and a building at $26,000. The business gave $66,000 of capital to Stubbs. |
| b. | Purchased office supplies on account, $2,400. |
| c. | Paid $18,000 for office furniture. |
| d. | Paid employee”s salary, $1,900. |
| e. | Performed consulting services on account, $3,600. |
| f. | Paid $500 of the account payable created in transaction (b). |
| g. | Received a $300 bill for advertising expense that will be paid in the near future. |
| h. | Performed consulting service for cash, $800. |
| i. | Received cash on account, $1,400. |
| j. | Paid the following cash expenses: (1) Rent on equipment, $700. |
| k. | Stubbs withdrew cash of $2,400. |
4 5
Requirements
1. Open the following four-column accounts: Cash; Accounts receivable; Office supplies; Office furniture; Building; Accounts payable; Stubbs, capital; Stubbs, drawing; Service revenue; Salary expense; Rent expense; Advertising expense; and Utilities expense.
2. Record each transaction in the journal. Use the letters to identify the transactions.
3. Post to the accounts and keep a running balance for each account.
4. Prepare the trial balance of Stubbs Environmental Consulting Company at October 31, 2012.
Economic Debate- Progressive Income Tax For this Economic Debate, we are going to discuss the…
TOPIC: Going Global Discussion Thread 1 (initial post due Wednesday for full credit) Please note:…
Assignment Topic This week will culminate in the creation of a narrated PowerPoint to create…
The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. Assignments submitted…
you need to post your 2-page information flier to share with your Final Project Group.…
discussion: Discuss the methods used at your company to measure and ensure quality products and…