The trial balance for ShirtCraft Limited at 31 January is follows: During Februa

Question

The trial balance for ShirtCraft Limited at 31 January is follows: During February the following transactions occurred: Billed customers for orders shipped, $2500. Paid $150 interest on note from bank. Received payment from customers billed in January, $4500 Bought office supplies on account, $560. Completed an order for which payment had previously been received in January, $3500. Paid creditors for purchase of supplies in January, $1895 Paid dividends to shareholders, $1000. Paid salaries of $2100; paid electricity of $775. Prepare opening T-accounts for the month of February Prepare journal entries for transactions in the month of February. Post journal entries to appropriate T-accounts. Prepare a trial balance at 28 February.

Explanation / Answer

Solution.

A.

Dr. Cash Account Cr. Particulars Amount Particulars Amount Openning Balance                     5,600.00 Dr. Account Receivable Cr. Particulars Amount Particulars Amount Openning Balance                   12,890.00 Dr. Supplies Cr. Particulars Amount Particulars Amount Openning Balance                     9,235.00 Dr. Prepaid Rent Cr. Particulars Amount Particulars Amount Openning Balance                     1,500.00 Dr. Property,Plant & Equipment Cr. Particulars Amount Particulars Amount Openning Balance                   30,500.00 Dr. Account Payable Cr. Particulars Amount Particulars Amount Openning Balance         7,625.00 Dr. Unearned Revenue Cr. Particulars Amount Particulars Amount Openning Balance         6,400.00 Dr. Notes Payable Cr. Particulars Amount Particulars Amount Openning Balance      15,000.00 Dr. Contributed Capital Cr. Particulars Amount Particulars Amount Openning Balance      25,000.00 Dr. Sales Revenue Cr. Particulars Amount Particulars Amount Openning Balance         9,650.00 Dr. Salaries Expense Cr. Particulars Amount Particulars Amount Openning Balance                     2,300.00 Dr. Electricity Expense Cr. Particulars Amount Particulars Amount Openning Balance                         650.00 Dr. Dividend Cr. Particulars Amount Particulars Amount Openning Balance                     1,000.00

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