Question 1: Set up T account and record each transaction. Determine the balance of the account.
May 2 - Norman started a computer programming business; Norman's programming Service, by investing $5,000
May 5 - Purchased a computer for $2,500 in cash
May 7 - purchased supplies on credit for $300
May 19 - received cash for programming services performed, $500
May 22 - received cash for programming services performed, $600
May 25 - paid the rent for May, $650
May 31 - Billed a customer for programming services performed, $250.
Question 2: From the T account in above, prepare a trial balance dated May 31, 20x5.
Question 3: The trial balance that follows is out of balance. Assuming all balances are normal, place the accounts in proper order and correct the balance so that debits equal credits.
Cash 2,000
Accounts Payable 400
Fuel expense 800
unearned service revenue 250
accounts receivable 1,300
prepaid rent 150
Ann Duncan, Capital 1,500
service revenue 1,750
wages expense 300
Ann Duncan, withdrawals 650
___________________
$5,850 $3,250
Question 4: Prepare a general journal and label it page 4. Record the following transactions in the journal:
Sept. 6 - Billed a customer for services performed $1,900
Sept. - Received partial payment from the customer billed Sept. 6th, $900.
Question 5: Prepare general ledger account forms for the following accounts:
Cash (111), Accounts Receivable (113), Service Revenue (411) and post the transactions that are recorded in A9 to the ledger accounts, at the same time making the proper posting references.