Prepare Trial Balance Hunter Marketing. Inc - 71106

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  • Posted on: Tue 05 Aug, 2014
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Listed below are the transactions for Hunter Marketing. Inc. for the month of July:


July 1 Hunter begins his marketing company and invests $50,000 cash.


July 5 Purchases computers and office equipment on account from OfficeMax for $10,250.


July 6 Pays rent for office space $800 for the month.


July 6 Employs a secretary, XXXXX XXXXX.


July 8 Purchases office supplies for cash $960.


July 9 Receives $2,430 from customer for services performed. July 11 Pays miscellaneous office expenses $375.


July 13 Bills customers $4,900 for serviced performed.


July 15 Pays Office Max $3,500 on account.


July 18 Withdraws $2,000 from business for personal use.


July 20 Receives $1,900 from customers on account.


July 23 Bills customers $6,320 for services performed.


July 30 Pays the following expenses in cash: office salaries $2,300 and utilities $400.


1.Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). Use the following ledger accounts: Cash, Accounts Receivable, Supplies on Hand, Office Equipment, Accumulated Depreciation, Accounts Payable, Hunter-Capital, Service Revenue, Rent Expense, Miscellaneous Office Expense, Office Salaries Expense, Supplies Expense, Utilities Expense, Depreciation Expense and Income Summary.


2.Prepare an unadjusted trial balance.


3.Record depreciation using a 5-year life on the office equipment, the straight-line method, and no salvage value. Round to whole numbers. Also, record an adjustment for office supplies used in the amount of $510.


4.Prepare an adjusted trial balance.


5.Prepare an income statement, a statement of retained earnings, and an unclassified balance sheet.


6.Close the ledger.


7.Prepare a post-closing trial balance.

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