Questions:
1. Write the accounting equation. Identify accounts specific with each item of the equation. Using T accounts identify the normal balance for each account.
2. Please journalize and post each entry to T accounts.
JD Specialties performed the completed the following transactions:
|
Jan 2
|
Purchased $350 of supplies on account. (expense)
|
|
Jan 10
|
Performed services for client's in the amount of $6,500 on account.
|
|
Jan 15
|
Paid wages of $1,500, insurance of $250, and travel expenses of $25.
|
|
Jan 28
|
Received $2,500 on account for services performed.
|
|
Jan 31
|
Received and paid utility bill in the amount of $750.
|
Supplies account
3. Prepare a trial balance from the information obtained in Problem.