Question

Selected transactions from the journal of June Feldman, investment broker, are presented below. Date Account Titles and Explanation Ref. Debit Credit Aug.1 Cash 5,100 Owner's Capital 5,100 (Owner’s investment of cash in business) 10 Cash 2,652 Service Revenue 2,652 (Received cash for services performed) 12 Equipment 5,100 Cash 2,346 Notes Payable 2,754 (Purchased equipment for cash and notes payable) 25 Accounts Receivable 1,734 Service Revenue 1,734 (Billed clients for services performed) 31 Cash 918 Accounts Receivable 918 (Receipt of cash on account) Post the transactions to T-accounts. (Post entries in the order presented in the problem statement.) Cash Accounts Receivable Equipment Notes Payable Owner’s Capital Service Revenue Prepare a trial balance at August 31, 2017. JUNE FELDMAN, INVESTMENT BROKER Trial Balance Debit Credit $ $ Totals $ $

Answer 1

T-Ledger Accounts for June Feldman
Cash Account
Debit					Credit
Date	Particular	Amount	Date	Particular	Amount
Aug-01	Owners Capital	5100	Aug-12	Equipment	2346
Aug-10	Service Revenue	2652
Aug-31	Accounts Receivables	918	Aug-31	Ending Balance (b/f)	6324
		8670			8670
Accounts Receivable
Debit					Credit
Date	Particular	Amount	Date	Particular	Amount
Aug-25	Service Revenue	1734	Aug-31	Cash	918
			Aug-31	Ending Balance (b/f)	816
		1734			1734
Equipment
Debit					Credit
Date	Particular	Amount	Date	Particular	Amount
Aug-12	Cash	2346
Aug-12	Notes Payable	2754	Aug-31	Ending Balance (b/f)	5100
		5100			5100
Notes Payable
Debit					Credit
Date	Particular	Amount	Date	Particular	Amount
			Aug-12	Equipment	2754
Aug-31	Ending Balance (b/f)	2754
		2754			2754
Owners Capital
Debit					Credit
Date	Particular	Amount	Date	Particular	Amount
			Aug-01	Cash	5100
Aug-31	Ending Balance (b/f)	5100
		5100			5100
Service Revenue
Debit					Credit
Date	Particular	Amount	Date	Particular	Amount
			Aug-10	Cash	2652
			Aug-25	Accounts Receivables	1734
Aug-31	Ending Balance (b/f)	4386
		4386			4386

Trial Balance
Sr No.	Account Name	Debit	Credit
1	Cash	6324
2	Accounts Receivables	816
3	Equipment	5100
4	Notes Payable		2754
5	Owners Capital		5100
6	Service Revenue		4386
	Total	12240	12240