Entry and trial balance preparation.pavock
Entry and trial balance preparation. Lee Adkins is a portrait artist. The following schedule represents Lee’s combined chart of accounts and trial balance as of May 31.
Account number Account name Debit Credit
Equipment and Supplies
Lee Adkins, Owners Equity
Lee Adkins, Drawing
The general ledger also revealed account no. 530, Legal and Accounting Expense. The following transactions occurred during June:
Collected $7,500 on account from customers.
Sold 25% of the equipment and supplies to a young artist for $700 for cash
Received a $500 bill from the accountant for preparing last quarter’s financial statements.
Paid $2,100 to creditors on account.
Adkins withdrew $1,000 cash for personal use.
Billed a customer $3,000 for a portrait painted this month.
Open running balance ledger “T” accounts by entering account titles, account numbers, and May 31 balances.
- 9 years ago
- a book report book is when they burned the white house
- describe the administration process
- Find the length of the hypotenuse of the trigger triangle
- how would the united states be different today if the south had been allowed to secede
- What happens to a country's imports when there is inflation in the economy?
- A compound X contains the elements carbon, hydrogen, and oxygen. After 35 g of X were burned in pure oxygen,...
- What does the term or expression “Second Industrial Revolution” refer to or mean? Include dates in your response.
- an epiphany in the book Eleni
- Give an example of a number system other than the decimal system.
- summery of the story of a shipwrecked sailor