Requirements 1. Record each transaction in the journal using the following account titles: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Land; Furniture; Accounts Payable; Utilities Payable; Unearned Revenue; Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; and Utilities Expense. Explanations are not required.
2. T-accounts have been opened for each of the accounts. Post the journal entries to the T-accounts, using transaction dates as ledger accounts. Label the balance of each account Bal posting references in the ledger accounts.
3. Prepare the trial balance of Beth Stewart, Designer, as of November 30, 2018.
Nov.1 Received $41,000 cash and issued common stock to Stewart Nov. 1
4 Purchased office supplies, $1,200, and furniture, $2,300, on account.
6 Performed services for a law firm and received $2,100 cash.
7 Paid $27,000 cash to acquire land to be used in operations.
10 Performed services for a hotel and received its promise to pay the $800 within one week.
14 November 4 on account Paid for the furniture purchased 14 on.
15 Paid assistant's semimonthly salary, $1,470.
17 Received cash on account, $500.
20 Prepared a design for a school on account, $680.
25 Received $1,900 cash for design services to be performed in December.
28 Received $3,100 cash for consulting with Plummer & Gordon.
29 Paid $840 cash for a 12-month insurance policy starting on December 1.
30 Paid assistant's semimonthly salary, $1,470.
30 Paid monthly rent expense, $650.
30 Received a bill for utilities, $650. The bill will be paid next month
30 Paid cash dividends of $2,800.
Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. We will post to the accounts one transaction at a time. Begin by posting the events from the 1st. July1: Yangcontributed $64,000 cash to the business in exchange for Common Stock.
Date Accounts Debit Credit
Jul.1 Cash 68,000
Commom Stock 68,000

Journal entries:

Nov. 1, common stocks issued

Dr Cash 41,000

    Cr Common stock 41,000

Nov. 4, office supplies and furniture purchased

Dr Office supplies 1,200

Dr Furniture 2,300

    Cr Accounts payable 3,500

Nov. 6, service revenue

Dr Cash 2,100

    Cr Service revenue 2,100

Nov. 7, land purchased

Dr Land 27,000

    Cr Cash 27,000

Nov. 10, service revenue

Dr Accounts receivable 800

    Cr Service revenue 800

Nov. 14, payment of furniture

Dr Accounts payable 2,300

    Cr Cash 2,300

Nov. 15, wages expense

Dr Wages expense 1,470

    Cr Cash 1,470

Nov. 17, collection of accounts receivable

Dr Cash 500

    Cr Accounts receivable 500

Nov. 20, service revenue

Dr Accounts receivable 680

    Cr Service revenue 680

Nov. 25, received cash in advance

Dr Cash 1,900

    Cr Unearned revenue 1,900

Nov. 28, service revenue

Dr Cash 3,100

    Cr Service revenue 3,100

Nov. 29, purchase prepaid insurance

Dr Prepaid insurance 840

    Cr Cash 840

Nov. 30, wages expense

Dr Wages expense 1,470

    Cr Cash 1,470

Nov. 30, rent expense

Dr Rent expense 650

    Cr Cash 650

Nov. 30, utilities expense

Dr Utilities expense 650

    Cr Accounts payable 650

Nov. 30, dividends distributed

Dr Retained earnings 2,800

    Cr Dividends payable 2,800

Dr Dividends payable 2,800

    Cr Cash 2,800

Since there is not enough space here, I prepared an excel spreadsheet with the T-accounts.

In order to prepare a trial balance sheet, I must first prepare an Income Statement:

Service revenue              $6,680

Wages expense             ($2,940)

Rent expense                   ($650)

Utilities expense              ($650)

Net income:                    $2,440

Retained earnings = $2,440 (net income) - $2,800 (dividends) = ($360)

        STEWART CO.

     BALANCE SHEET

       NOV. 30, 2018

Assets:

Cash $12,070

Accounts receivable $980

Prepaid insurance $840

Office supplies $1,200

Furniture $2,300

Land $27,000

Total assets: $44,390

Liabilities and stockholders' Equity:

Accounts payable $1,850

Unearned revenue $1,900

Common stock $41,000

Retained earnings ($360)

Total liabilities and stockholders' equity: $44,390

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