Foyle Architects incorporated as licensed architects on April 1, 2014. During the first month of the operation of the business, these events and transactions occurred:
Apr. 1 Stockholders invested $22,450 cash in exchange for common stock of the corporation.
1 Hired a secretary-receptionist at a salary of $468 per week, payable monthly.
2 Paid office rent for the month $1,122.
3 Purchased architectural supplies on account from Burlington Company $1,621.
10 Completed blueprints on a carport and billed client $2,370 for services.
11 Received $873 cash advance from J. Madison to design a new home.
20 Received $3,492 cash for services completed and delivered to M. Svetlana.
30 Paid secretary-receptionist for the month $1,872.
30 Paid $374 to Burlington Company for accounts payable due.
Journalize the transactions. (If no entry is required, select “No entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Post to the ledger T-accounts. (Post entries in the order of journal entries presented in the question.)
Prepare a trial balance on April 30, 2014.
This is the trial balance of Solis Company on September 30.
September 30, 2014 |
| | Debit | | Credit |
Cash | | $ 23,840 | | |
Accounts Receivable | | 7,240 | | |
Supplies | | 4,940 | | |
Equipment | | 10,840 | | |
Accounts Payable | | | | $ 9,440 |
Unearned Service Revenue | | | | 3,940 |
Common Stock | | | | 19,640 |
Retained Earnings |…...