trial balance of pioneer corp. on July 1, 2010 is: account -------------------de

Question

trial balance of pioneer corp. on July 1, 2010 is:

account -------------------debit ---------------credit

cash............................ $26,000   

accounts receivable...... $4,500

accounts payable....................................$2,000

common stock.........................................$10,000

retained earnings.....................................$18,500

total...............................$30,500 .............$30,500

transactions during august 2010

a.loan of $45,000 from chasebank in note form

b.bought land for $40,000 cash

c. received $5,000 for services performed for customer

d. bought $300 supplies on credit

e. paid $1000 on account

f. paid salary expenses of $3000

g.received $3000 on account

h. declared dividend of $1,800

i. paid the $1,800 dividend declared in ( h. )

1)Journalize the transactions (a - i)

2)Post to the general ledger (a - i)

calculate the total only if its a permanent account

cash, accounts receivable, supplies, land, accounts payable, notes payable, dividends payable, retained earnings, dividends, revenue, salary expense, common stock.

3) create a trial balance for pioneer corp. on august 30, 2010. Pre-Closing

---do the appropriate closing journal entries

---set up a post closing trial balance.

Explanation / Answer

Journal a Cash 45000           Notes payable 45000 b Land 40000              Cash 40000 c Cash 5000            Service revenue 5000 d Supplies 300           Accounts payable 300 e Accounts payable 1000             Cash 1000 f Salaries expense 3000             Cash 3000 g Cash 3000            Accounts receivable 3000 h Dividend 1800             Dividend payable 1800 i Dividend payable 1800              Cash 1800 Trial balance Debit Credit Cash 33200 Supplies 300 Accounts receivable 1500 Land 40000 Accounts payable 1300 Common stock 10000 Notes payable 45000 Retained earnings 18500 Service revenue 5000 Salaries expense 3000 Dividend 1800 Total 79800 79800 Closing entries 1 Service revenue 5000             Income summary 5000 2 Income summary 3000             Salaries expense 3000 3 Income summary 2000             Retained earnings 2000 4 Retained earnings 1800             Dividend 1800 Post closing Trial balance Debit Credit Cash 33200 Supplies 300 Accounts receivable 1500 Land 40000 Accounts payable 1300 Common stock 10000 Notes payable 45000 Retained earnings 18700 Total 75000 75000

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