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1.Write the accounting equation. Identify accounts specific with each item of the equation. Using T accounts identify the normal balance for each account. (30 points)
2. 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
3. Prepare a trial balance from the information obtained in Problem 2. ( 20 points)
