Question

I need the answer to the this problem regarding

Tricia's Home Decorating, Inc is a commericial painting and decorating contractors that began operations in

June, 2017. The following transactions occurred during the year, ( listed below)

a. On June 1st, Tricia's Home Decoration, Inc, sells common stock to several investors for $150,000

b. On June 2nd, Tricia;s purchased $2,500 of painting supplies from Westwood Builders Supply Construction on account.

c. On June 3rd, Tricia's billed its customers for painting services in the amount of $50,000

d. On June 5th, Tricia's borrowed $30,000 from Bank of America a 1-year note payable to be paid with 5% interest

e. On June 10th, cash for one half ($25,000) of the services billed in Transaction c. was collected

f. On June 15th, Tricia's paid salaried of $10,000 to employees for services performed.

g. On June 20th, Tricia's provided $5,000 of painting services for cashed

101    Cash                           300 Common Stock

102    Accounts Receiveable   400   Service Revenue

103     Painting Supplies         503   Salaries Expenses

215 Accounts Payable

230     Notes Payable

Required

1) Journalize the busines transactions

2) Post the transactions to T-accounts

3) Prepare a trial balance (in good format) at June 30, 2017

Thanks

Answer 1

	Tricia's Home Decorating Inc.
	Journal Entries
Date	Particular	Amount (Dr)	Amount (Cr)
1-Jun	Cash	$     1,50,000.00
	To Common Stock(15000*$20)		$                                      1,50,000.00
	(Being amount of sells common stock to several investors)
2-Jun	Painting Supplies	$           2,500.00
	To Accounts Payable		$                                            2,500.00
	(Being amount of Painting Supplies Purchased on account )
3-Jun	Accounts Receivable	$         50,000.00
	To Service Revenue		$                                          50,000.00
	(Being amount billed to customer for supplies)
5-Jun	Cash	$         30,000.00
	To 5% Note Payable		$                                          30,000.00
	(Being amount of cash dreceived form Bank)
10-Jun	Cash	$         25,000.00
	To Accounts Receivable		$                                          25,000.00
	(Being amount of cash received from customers)
15-Jun	Salaries	$         10,000.00
	To Cash		$                                          10,000.00
	(Being amount of salaries paid to employees for services performed)
20-Jun	Cash	$           5,000.00
	To Service Revenue		$                                            5,000.00
	(Being amount of service performed for cash)
	T-Accounts
	Cash A/c
Date	Particular	Amt (Dr)	Amt (Cr)	Balance
1-Jun	Common Stock	$     1,50,000.00		$          1,50,000.00
5-Jun	6% Notes Payable	$         30,000.00		$          1,80,000.00
10-Jun	Accounts Receivable	$         25,000.00		$          2,05,000.00
15-Jun	Salaries		$                                          10,000.00	$          1,95,000.00
20-Jun	Service Revenue	$           5,000.00		$          2,00,000.00
	Accounts Receivable
Date	Particular	Amt (Dr)	Amt (Cr)	Balance
3-Jun	Service Revenue	$         50,000.00		$             50,000.00
10-Jun	Cash		$                                          25,000.00	$             25,000.00
	Painting Supplies
Date	Particular	Amt (Dr)	Amt (Cr)	Balance
2-Jun	Accounts Payable	$           2,500.00		$                2,500.00
	Accounts Payable
Date	Particular	Amt (Dr)	Amt (Cr)	Balance
2-Jun	Painting Supplies		$                                            2,500.00	$                2,500.00
	Notes Payable
	Accounts Payable
Date	Particular	Amt (Dr)	Amt (Cr)	Balance
5-Jun	Cash		$                                          30,000.00	$             30,000.00
	Service Revenue
Date	Particular	Amt (Dr)	Amt (Cr)	Balance
3-Jun	Accounts Receivable		$                                          50,000.00	$             50,000.00
5-Jun	Cash		$                                            5,000.00	$             55,000.00
	Common Stock
Date	Particular	Amt (Dr)	Amt (Cr)	Balance
1-Jun	Cash		$                                      1,50,000.00	$          1,50,000.00
3)	Tricia's Home Decorating, Inc
	Trial Balance
Code	Account Title	Amt (Dr)	Amt (Cr)
101	Cash($150000+$30000+$25000-$10000+$5000)	$     2,00,000.00
102	Accounts Receivable	$         25,000.00
103	Painting Supplies	$           2,500.00
215	Accounts Payable		$                                            2,500.00
230	Notes Payable		$                                          30,000.00
300	Common Stock		$                                      1,50,000.00
400	Service Revenue		$                                          55,000.00
503	Salaries Expenses	$         10,000.00
	Total	$     2,37,500.00	$                                      2,37,500.00