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Entry and trial balance preparation. Lee Adkins is a portrait artist. The following schedule represents Lee’s combined chart of accounts and trial balance as of May 31.
Account number
Account name Debit Credit
|
110 |
Cash |
$ 2,700 |
|
|
120 |
Accounts Receivable |
1 |
2,100 |
|
130 |
Equipment and Supplies |
2,800 |
|
|
140 |
Studio |
45,000 |
|
|
210 |
Accounts Payable |
$2,600 |
|
|
310 |
Lee Adkins, Owners Equity |
57,400 |
|
|
320 |
Lee Adkins, Drawing |
30,000 |
|
|
410 |
Revenue |
39,000 |
|
|
510 |
Advertising Expense |
2,300 |
|
|
520 |
Salaries Expense |
||
|
540 |
Utilities Expense |
2,000 |
|
|
$99,000 |
The general ledger also revealed account no. 530, Legal and Accounting Expense. The following transactions occurred during June:
|
6/2: |
Collected $7,500 on account from customers. |
|
6/7: |
Sold 25% of the equipment and supplies to a young artist for $700 for cash |
|
6/10: |
Received a $500 bill from the accountant for preparing last quarter’s financial statements. |
|
6/15: |
Paid $2,100 to creditors on account. |
|
6/27: |
Adkins withdrew $1,000 cash for personal use. |
|
6/30: |
Billed a customer $3,000 for a portrait painted this month. Open running balance ledger “T” accounts by entering account titles, account numbers, and May 31 balances. |
