November 30, 2006 Trial Balance 11 Cash $60,000 12 Accounts Receivable 10,000 13

Question

November 30, 2006 Trial Balance
11 Cash $60,000
12 Accounts Receivable 10,000
13 Supplies 500
14 Equipment 15,000
21 Accounts Payable $40,000
31 Macy Jarvic, Capital 45,500
32 Macy Jarvic, Drawing
41 Fees Earned
51 Salary Expense
53 Utilities Expense ________ ________
$85,500 $85,500

The following transactions were completed during the first week of December

Dec 1 Macy Jarvic transferred additional cash from a personal bank account for the business, $10,000.

Dec 1 Paid creditor on account, $2,000.

Dec 2 Purchased Equipment on account, $10,000.

Dec 2 Paid utilities expense for the month, $500.

Dec 3 Macy Jarvic transferred additional cash from a personal bank account for the business, $10,000.

Dec 4 Purchased equipment for cash $1,000.

Dec 4 Purchased supplies on account, $200.

Dec 5 Macy Jarvic withdrew cash for personal use, $5,000.

Dec 5 Received cash of $8,000 from customers on account.

Dec 6 Received cash of $12,000 for jobs completed for cash customers.

Dec 7 Completed jobs and billed to charge customers for the week $10,000.

Dec 7 Paid salary expense of $8,000

Explanation / Answer

Cash Account Balance 60000 Dec-01 2000 Dec.01 10000 Dec-02 500 Dec.03 10000 Dec-04 1000 Dec-05 8000 Dec-05 5000 Dec-06 12000 Dec-07 8000 Balance 83500 100000 100000 Supplies Balance 500 Balance 700 Dec-04 200 700 700 Accounts Payable Dec-01 2000 Balance 40000 Balance 48200 Dec-02 10000 Dec-04 200 50200 50200 Fees earned Balance 22000 Dec-06 12000 Dec-07 10000 22000 22000 Salary Expense Dec-07 8000 Balance 8000 8000 8000 Accounts receivable Balance 10000 Dec-05 8000 Dec-07 10000 Balance 12000 20000 20000 Equipment Balance 15000 Balance 26000 Dec-02 10000 Dec-04 1000 26000 26000 Macy Jarvic Capital Balance 65500 Balance 45500 Dec.01 10000 Dec.03 10000 65500 65500 Macy Jarvic Drawing Dec-05 5000 Balance 5000 5000 5000 Utilities Expense Dec-02 500 Balance 500 500 500 Trial Balance 11 Cash 83500 12 Accounts receivable 12000 13 Supplies 700 14 Equipment 26000 21 Accounts Payable 48200 31 Macy Jarvic Capital 65500 32 Macy Jarvic Drawing 5000 41 Fees Earned 22000 51 Salary Expense 8000 53 Utilities Expense 500 135700 135700

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