Question

trial balance of pioneer corp. on July 1, 2010 is:

account -------------------debit ---------------credit

cash............................ $26,000   

accounts receivable...... $4,500

accounts payable....................................$2,000

common stock.........................................$10,000

retained earnings.....................................$18,500

total...............................$30,500 .............$30,500

transactions during august 2010

a.loan of $45,000 from chasebank in note form

b.bought land for $40,000 cash

c. received $5,000 for services performed for customer

d. bought $300 supplies on credit

e. paid $1000 on account

f. paid salary expenses of $3000

g.received $3000 on account

h. declared dividend of $1,800

i. paid the $1,800 dividend declared in ( h. )

1)Journalize the transactions (a - i)

2)Post to the general ledger (a - i)

calculate the total only if its a permanent account

cash, accounts receivable, supplies, land, accounts payable, notes payable, dividends payable, retained earnings, dividends, revenue, salary expense, common stock.

3) create a trial balance for pioneer corp. on august 30, 2010. Pre-Closing

---do the appropriate closing journal entries

---set up a post closing trial balance.

Answer 1

	Journal
a	Cash	45000
	Notes payable		45000
b	Land	40000
	Cash		40000
c	Cash	5000
	Service revenue		5000
d	Supplies	300
	Accounts payable		300
e	Accounts payable	1000
	Cash		1000
f	Salaries expense	3000
	Cash		3000
g	Cash	3000
	Accounts receivable		3000
h	Dividend	1800
	Dividend payable		1800
i	Dividend payable	1800
	Cash		1800
	Trial balance	Debit	Credit
	Cash	33200
	Supplies	300
	Accounts receivable	1500
	Land	40000
	Accounts payable		1300
	Common stock		10000
	Notes payable		45000
	Retained earnings		18500
	Service revenue		5000
	Salaries expense	3000
	Dividend	1800
	Total	79800	79800
	Closing entries
1	Service revenue	5000
	Income summary		5000
2	Income summary	3000
	Salaries expense		3000
3	Income summary	2000
	Retained earnings		2000
4	Retained earnings	1800
	Dividend		1800
	Post closing Trial balance	Debit	Credit
	Cash	33200
	Supplies	300
	Accounts receivable	1500
	Land	40000
	Accounts payable		1300
	Common stock		10000
	Notes payable		45000
	Retained earnings		18700
	Total	75000	75000