A. Post the Transaction to T- Accounts ( see example on exercise 2-10 for T-Accounts) B....

A. Post the Transaction to T- Accounts ( see example on exercise 2-10 for T-Accounts)

B. Prepare: A Trial Balance at August 31 2017

Demonstration Problem (see example on 76 Campus Trial Balance Format)

Date	Account Title & Explanation	Ref.	Debit	Credit
2017 Aug. 1	Cash Owner’s Capital (Owner’s investment of cash in business)		5,000	5,000
10	Cash Service Revenue (Received cash for services performed)		2,000	2,000
12	Equipment Cash Notes Payable (Purchased equipment for cash note payable)		5,000	2,300 2,700
25	Accounts Receivable Service Revenue (Billed clients for services performed)		1,700	1,700
31	Cash Accounts Receivable (Receipt of cash on account)		900	900

Expert Solution

Answer A.

Cash				Equipment				Accounts Receivable
Beg. Bal.	-	2,300.00	12-Aug	Beg. Bal.	-			Beg. Bal.	-	900.00	31-Aug
1-Aug	5,000.00			12-Aug	5,000.00			25-Aug	1,700.00
10-Aug	2,000.00
31-Aug	900.00

End. Bal.	5,600.00			End. Bal.	5,000.00			End. Bal.	800.00


Owners' Equity				Notes Payable
Beg. Bal.		-		Beg. Bal.		-
		5,000.00	1-Aug			2,700.00	12-Aug


End. Bal.		5,000.00		End. Bal.		2,700.00


Service Revenue
Beg. Bal.		-
		2,000.00	10-Aug
		1,700.00	25-Aug


End. Bal.		3,700.00

Answer B.

Trial Balance
At August 31,2017
	Dr. Amt.	Cr. Amt.
Cash	5,600.00
Equipment	5,000.00
Accounts Receivable	800.00
Owners' Equity		5,000.00
Notes Payable		2,700.00
Service Revenue		3,700.00

Total	11,400.00	11,400.00

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