Accounts Receivable and Debit Credit Article

The trial harmony of Sam Mitchell, CPA, P. C., is went out with January 31, 2012: [pic]

.:.

During March, Mitchell or his organization completed the subsequent transactions: Feb 4 Collected $4, 500 cash coming from a client upon account.

almost 8 Performed tax services to get a client in account, $4, 600.

13 Paid business debt in account, $2, 400.

18 Purchased office supplies upon account, $900.

20 Paid cash dividends of $2, 200.

twenty-one Mitchell paid for a deck pertaining to his exclusive residence employing personal funds, $8, 500. 22 Received $2, 300 cash pertaining to consulting job just accomplished.

2 Paid out office rent, $500.

twenty nine Paid staff salary, $1, 600.

Requirements

1 . Record the February transactions in the journal. Incorporate an explanation for every entry. 2 . Post the transactions to four-column accounts in the ledger, using schedules, account numbers, journal recommendations, and publishing references. Wide open the journal accounts classified by the trial balance, along with their amounts at January 31. 3. Prepare the trial stability of Mike Mitchell, CPA (CERTIFIED PUBLIC ACCOUNTANT), P. C., at Feb . 29, 2012.

SOLUTION:

Req. 1

| Journal | |DATE |ACCOUNTS AND ANSWERS |POST. |DEBIT |CREDIT | | | |REF. | | | |Feb | 4 |Cash |11 |4, 000 | | | | | Accounts receivable |12 | |4, 000 | | | |Received cash on account. | | | | | | | | | | | | | 8 |Accounts receivable |12 |4, six hundred | | | | | Services revenue |41 | |4, 600 | | | |Performed services on bank account. | | | | | | | | | | | | |13 |Accounts payable |21 |2, four hundred | | | | | Money |11 | |2, four hundred | | | |Paid on consideration. | | | | | | | | | | | | |18 |Supplies |13 |900 | | | | | Accounts payable |21 | |900 | | | |Purchased supplies in account. | | | | | | | | | | | | |20 |Dividends |32...

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