Question

(i need the answes typed )

Transaction Analysis and Trial Balance

William Groff opened a tax practice (William Groff, Tax Accounting, Inc.), on June 1. The following accounts will be needed to record business's transactions for June: Cash; Accounts Receivable; Office Supplies; Tax Library; Office Furniture and Fixtures; Accounts Payable; Notes Payable; Common Stock; Dividends; Professional Fees Earned; Rent Expense; Salaries Expense; Advertising Expense; Utilities Expense; and Interest Expense. The following transactions occurred in June:

June	1	Groff opened a business checking account at a local bank, investing $20,800 in his practice in exchange for common stock.
	2	Purchased office furniture and fixtures for $10,600, paid $3,600 cash, and gave a note payable for the balance.
	3	Purchased books and software for a tax library on account, $6,500.
	4	Purchased office supplies for cash, $1,360.
	5	Paid rent for June, $1,750.
	6	Returned $1,100 of books with defective bindings. The return reduced the amount owed to the supplier.
	7	Billed clients for professional services rendered, $18,400.
	8	Paid $2,500 on account for the library items purchased on June 3.
	9	Collected $16,700 on account from clients billed on June 7.
	10	Paid June salaries, $5,700.
	11	Received invoice for June advertising, to be paid in July, $1,100.
	12	Paid stockholders a cash dividend of $1,600.
	13	Paid utilities for June, $960.
	14	Paid interest for June on an outstanding note payable, $140.

Required

a. Prepare journal entries and record the above transactions in T-accounts, and key entries with the number of the transactions.

Description	Debit	Credit
	0	0
	0	0
To record issuance of common stock
	0	0
cash	0	0
	0	0
To record purchase of office furniture and fixtures.
	0	0
	0	0
To record purchases for tax library.
	0	0
	0	0
To record purchase of office supplies.
	0	0
	0	0
To record payment for rent.
	0	0
	0	0
To record return of defective books.
	0	0
	0	0
To record billings of professional services earned.
	0	0
	0	0
To record payment of library items purchased.
	0	0
	0	0
To record cash collected form customers.
	0	0
	0	0
To record payment of salaries.
	0	0
	0	0
To record invoice for advertising.
	0	0
	0	0
To record payment of dividends.
	0	0
	0	0
To record payment of utilities expense.
	0	0
	0	0

Cash
(1)	Answer	Answer
(2)	Answer	Answer
(4)	Answer	Answer
(5)	Answer	Answer
(8)	Answer	Answer
(9)	Answer	Answer
(10)	Answer	Answer
(12)	Answer	Answer
(13)	Answer	Answer
(14)	Answer	Answer
Bal	Answer	Answer

Accounts Receivable
(7)	Answer	Answer
(9)	Answer	Answer
Bal	Answer	Answer

Office Furniture and Fixtures
(2)	Answer	Answer
Bal	Answer	Answer

Notes Payable
(2)	Answer	Answer
Bal	Answer	Answer

Accounts Payable
(3)	Answer	Answer
(6)	Answer	Answer
(8)	Answer	Answer
(11)	Answer	Answer
Bal	Answer	Answer

Common Stock
(1)	Answer	Answer
Bal	Answer	Answer

Interest Expense
(14)	Answer	Answer
Bal	Answer	Answer

Salaries Expense
(10)	Answer	Answer
Bal	Answer	Answer

Rent Expense
(5)	Answer	Answer
Bal	Answer	Answer

Professional Fees Earned
(7)	Answer	Answer
Bal	Answer	Answer

Advertising Expense
(11)	Answer	Answer
Bal	Answer	Answer

Utilities Expense
(13)	Answer	Answer
Bal	Answer	Answer

Tax Library
(3)	Answer	Answer
(6)	Answer	Answer
Bal	Answer	Answer

Office supplies
(4)	Answer	Answer
Bal	Answer	Answer

Dividends
(12)	Answer	Answer
Bal	Answer	Answer

b. Prepare a trial balance from the general ledger as of June 30.

WILLIAM GROFF , TAX ACCOUNTING, INC. Trial Balance June 30
		Debit		Credit
Cash		$Answer		$Answer
Accounts Receivable		Answer		Answer
Office Supplies		Answer		Answer
Tax Library		Answer		Answer
Office Furniture and Fixtures		Answer		Answer
Accounts Payable		Answer		Answer
Notes Payable		Answer		Answer
Common Stock		Answer		Answer
Dividends		Answer		Answer
Professional Fees Earned		Answer		Answer
Rent Expense		Answer		Answer
Salaries Expense		Answer		Answer
Advertising Expense		Answer		Answer
Utilities Expense		Answer		Answer
Interest Expense		Answer		Answer
Totals		$Answer		$Answer

Answer 1

a. Prepare journal entries and record the above transactions in T-accounts, and key entries with the number of the transactions.
Description	Debit	Credit
Cash	20800
Common Stock		20800
To record issuance of common stock
Office Furniture & Fixtures	10600
cash		3600
Note Payable		7000
To record purchase of office furniture and fixtures.
Tax Liabrary	6500
Accounts Payable		6500
To record purchases for tax library.
Office Supplies	1360
Cash		1360
To record purchase of office supplies.
Rent Expense	1750
Cash		1750
To record payment for rent.
Accounts Payable	1100
Tax Liabrary		1100
To record return of defective books.
Accounts Receivable	18400
Professional Fees Earned		18400
To record billings of professional services earned.
Accounts Payable	2500
Cash		2500
To record payment of library items purchased.
Cash	16700
Accounts Receivable		16700
To record cash collected form customers.
Salaries Expense	5700
Cash		5700
To record payment of salaries.
Advertising expense	1100
Accounts Payable		1100
To record invoice for advertising.
Dividends	1600
Cash		1600
To record payment of dividends.
Utilities Expense	960
Cash		960
To record payment of utilities expense.
Interest expense	140
Cash		140
Cash
-1	20800		20800
-2		3600	17200
-4		1360	15840
-5		1750	14090
-8		2500	11590
-9	16700		28290
-10		5700	22590
-12		1600	20990
-13		960	20030
-14		140	19890
Bal			19890
Accounts Receivable
-7	18400		18400
-9		16700	1700
Bal			1700
Office Furniture and Fixtures
-2	10600		10600
Bal			10600
Notes Payable
-2		7000	7000
Bal			7000
Accounts Payable
-3		6500	6500
-6	1100		5400
-8	2500		2900
-11		1100	4000
Bal			4000
Common Stock
-1		20800	20800
Bal			20800
Interest Expense
-14	140		140
Bal			140
Salaries Expense
-10	5700		5700
Bal			5700
Rent Expense
-5	1750		1750
Bal			1750
Professional Fees Earned
-7		18400	18400
Bal			18400
Advertising Expense
-11	1100		1100
Bal			1100
Utilities Expense
-13	960		960
Bal			960
Tax Library
-3	6500		6500
-6		1100	5400
Bal			5400
Office supplies
-4	1360		1360
Bal			1360
Dividends
-12	1600		1600
Bal			1600
b. Prepare a trial balance from the general ledger as of June 30.
WILLIAM GROFF , TAX ACCOUNTING, INC.
Trial Balance
Jun-30
		Debit		Credit
Cash		19890
Accounts Receivable		1700
Office Supplies		1360
Tax Library		5400
Office Furniture and Fixtures		10600
Accounts Payable				4000
Notes Payable				7000
Common Stock				20800
Dividends		1600
Professional Fees Earned				18400
Rent Expense		1750
Salaries Expense		5700
Advertising Expense		1100
Utilities Expense		960
Interest Expense		140
Totals		50200		50200