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, Course: BADM700-STACKED Cengage xCengageNOW | Online teachi X € cvg.cengagenow.com/ilrntakeAss ntMain.do?takeAssignmentSessionLocator assignment-take Problem 3-30 The trial balance for ShirtCraft, Inc., at January 31 is shown as follows: ShirtCraft, Inc. Trial Balance January 31 Debit 5,600 2,890 9,235 1,500 0,500 Credit Cash Accounts Receivable Supplies Prepaid Rent Equipment Accounts Payable Unearned Revenue Notes Payable Common Stock Service Revenue Salaries Expense Utilities Expense Dividends 7,625 6,400 15,000 25,000 9,650 2,300 650 1,000 Totals 563,675 563,675 During February the following transactions occurred: Feb. 1 Billed customers $2,500 for services rendered 1 Paid $150 interest on note from bank. 4 Received $4,500 from customers billed in January 8 Bought $560 of office supplies on account. pay 12 Completed a $3,500 service for which 2 MacBook AExplanation / Answer
1) first we will post thr journal entries for the month oif Feb as given below
2) we post the opening balance and journal entries of feb in T accounts as given below
3) We will prepare the trial balance as on feb,28 by taking the closing balances of each chart of accounts as per the T accounts prepared above .
In the books of shirtcraft,inc Journal Dr Cr Date Particulars L.F. Amount($) Amount($) feb,1 Accounts receivable A/c 2,500 To Service Revenue A/c 2,500 ( Being the amount for services rendered ) feb,1 Interest expense A/c 150 To Cash A/c 150 feb,4 Cash A/c 4,500 To Accounts receivableA/c 4,500 feb,8 supplies 560 To Cash A/c 560 feb,12 Unearned revenue a/c 3,500 To Service Revenue A/c 3,500 feb,18 accounts payable A/c 1,895 To Cash A/c 1,895 feb,26 Dividend A/c 1,000 To Cash A/c 1,000 feb,27 Salaries expense A/c 2100 Utilities expense A/c 775 To Cash A/c 2875Related Questions
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