trial balance of pioneer corp. on July 1, 2010 is: account -------------------de
ID: 2544998 • Letter: T
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. )
Post to the general ledger (a - i)
please do the following T-accounts, 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.
Explanation / Answer
Note: Since Revenue, Salary Expense are not permanent account, these accounts are not closed.
Cash Account Dr Cr Opening Balance 26,000 Land 40,000 Notes Payable 45,000 Accounts Payable 1,000 Revenue 5,000 Salary expense 3,000 Accounts Receivable 3,000 Dividend 1,800 Closing Balance 33,200 Total 79,000 Total 79,000 Accounts Receivable Dr Cr Opening Balance 4,500 Cash 3,000 Closing Balance 1,500 Total 4,500 Total 4,500 Supplies Dr Cr Accounts Payable 300 Closing Balance 300 Total 300 300 Land Dr Cr Cash 40,000 Closing Balance 40,000 Total 40,000 Total 40,000 Accounts Payable Dr Cr Cash 1,000 Opening Balance 2,000 Closing Balance 1,300 Supplies 300 2,300 Total 2,300 Notes Payable Dr Cr Closing Balance 45,000 Cash 45,000 Total 45,000 Total 45,000 Dividend Payable Dr Cr Cash 1,800 Dividend 1,800 Total 1,800 Total 1,800 Retained Earning Dr Cr Dividend 1,800 Opening Balance 18,500 Closing balance 16,700 Total 1,800 Total 18,500 Dividends Dr Cr Dividend Payable 1,800 Retained Earning 1,800 Total 1,800 Total 1,800 Revenue Dr Cr Cash 5,000 Salary Expense Dr Cr Cash 3,000 Common Stock Dr Cr Closing balance 10,000 Opening Balance 10,000 Total 10,000 Total 10,000Related Questions
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