Transactions Analysis and Trail Balance: Make T-Accounts for the following accou

Question

Transactions Analysis and Trail Balance: Make T-Accounts for the following accounts that appear in the general ledger of Daniel Kelly, an attorney: Cash, Accounts Receivable, Office Equipment, Legal Database Subscription, Accounts Payable, Common Stock, Dividends, Legal Fees Earned, Salaries Expense, Rent Expense, and Utilities Expense. Prepare journal entries and record the following October transactions in the T-Accounts and key all entries with the number identifying the transaction. Determine the balance in each account and prepare a trail balance sheet as of October 31.

Oct.

1

Explanation / Answer

Cash Account receivable Office Equipment Legal database subscription Common stock 19500 Legal database subs. 9600 Legal fees 11300 A/P 10400 Cash 9600 Legal fees 9400 Rent 700 Bal. c/d 11300 Bal. c/d 10400 Bal. c/d 9600 A/P 6000 Salary 2800 Dividend 1500 Bal. c/d 8300 Accounts payable(A/P) Common stock Dividend Legal fees earned cash 6000 Office equipment 10400 Bal. c/d 19500 Cash 19500 Cash 1500 Cash 9400 Accounts recivable 11300 Bal. c/d 4400 Bal. c/d 1500 Bal. c/d 1900 Salary Dividend Dividend Cash 2800 Cash 700 Cash 1500 Bal. c/d 2800 Bal. c/d 700 Bal. c/d 1500

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