Assignment A chart of accounts and a list of March transactions for Meta lcase I

Question

Assignment A chart of accounts and a list of March transactions for Meta lcase Inc. follow Cash Acct Receivablee 110 120 Office Equipment 130 210 Revenue Salaries Expense Utilities Expense 410 510 520 Acct Payable Shareholder Capital 310 Received $40,000 cash from the owners Payment received for services rendered to date: March 1 18 cash $15,500 on account $12,200 Paid employee salaries of $10,500 Purchased $4,000 of office equipment Paid $3,200 down and agreed to pay the balance in 10 days Paid the March electric bill of $175. 20 24 30 a. Record the transactions in the general journal b. Post the transactions from the journal to the ledger. c. Prepare a trial balance as of March 31

Explanation / Answer

a) Account Code Debit Credit Mar-01 Cash 110 40000 Shareholder Capital 310 40000 Mar-18 Cash 110 15500 Accounts receivable 120 12200 Revenue 410 27700 Mar-20 Salaries expense 510 10500 Cash 110 10500 Mar-24 Office equipment 130 4000 Cash 110 3200 Accounts payable 210 800 Mar-30 Utilities expense 520 175 Cash 110 175 b) CASH (110) Mar-01 40000 Mar-20 10500 Mar-18 15500 Mar-24 3200 Mar-30 175 End Bal 41625 Shareholder Capital (310) Mar-01 40000 Revenue (410) Mar-18 15500 Mar-18 12200 End Bal 27700 Accounts receivable (120) Mar-18 12200 Salaries expense (510) Mar-20 10500 Office Equipment (130) Mar-24 4000 Accounts payable (210) Mar-24 800 Utilities expense (520) Mar-30 175 c) TRIAL BALANCE Account Code Debit Credit Cash 110 41625 Accounts receivable 120 12200 Office equipment 130 4000 Accounts payable 210 800 Shareholder Capital 310 40000 Revenue 410 27700 Salaries expense 510 10500 Utilities expense 520 175 68500 68500

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