1. Please journalize and post each entry to T accounts. (50 points) JD Specialti

Question

1.Please journalize and post each entry to T accounts. (50 points)

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

2.Prepare a trial balance from the information obtained in Problem 2. ( 20 points)

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.

Explanation / Answer

Solution:

Part 1 --- Journal Entries

Date

General Journal

Debit

Credit

Jan.2

Supplies Expense

$350

Accounts Payable

$350

(Recorded purchase of supplies on account -- as given in the question treated as expense)

Jan.10

Accounts Receivable

$6,500

Service Revenue

$6,500

(Recorded Service performed on account)

Jan.15

Wages Expense

$1,500

Insurance Expense

$250

Travel Expense

$25

Cash

$1,775

(Recorded expenses paid in cash)

Jan.28

Cash

$2,500

Accounts Receivable

$2,500

(Recorded amount collected on account)

Jan.31

Utility Expense

$750

Cash

$750

(Recorded payment of utility bill in cash)

Part 2 – T-Accounts

Supplies Expense

Jan.2

$350

Accounts Payable

Jan.2

$350

Accounts Receivable

Jan.10

$6,500

Jan.28

$2,500

Service Revenue

Jan.10

$6,500

Wages Expense

Jan.15

$1,500

Insurance Expense

Jan.15

$250

Travel Expense

Jan.15

$25

Cash

Jan.28

$2,500

Jan.15

$1,775

Jan.31

$750

Utility Expense

Jan.31

$750

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As regards Trial Balance – Please provide the data of Problem 2.

Date

General Journal

Debit

Credit

Jan.2

Supplies Expense

$350

Accounts Payable

$350

(Recorded purchase of supplies on account -- as given in the question treated as expense)

Jan.10

Accounts Receivable

$6,500

Service Revenue

$6,500

(Recorded Service performed on account)

Jan.15

Wages Expense

$1,500

Insurance Expense

$250

Travel Expense

$25

Cash

$1,775

(Recorded expenses paid in cash)

Jan.28

Cash

$2,500

Accounts Receivable

$2,500

(Recorded amount collected on account)

Jan.31

Utility Expense

$750

Cash

$750

(Recorded payment of utility bill in cash)

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