P2-47B Journalizing transactions, posting to T-accounts, and preparing a

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P2-47B Journalizing transactions, posting to T-accounts, and preparing a
trial balance [45–60 min]
Beth Yung started her practice as a design consultant on November 1, 2012. During
the first month of operations, the business completed the following transactions:

Received $34,000 cash and issued capital to Yung.
Purchased supplies, $500, and furniture, $1,900, on
account.
Performed services for a law firm and received $1,200
cash.
Paid $25,000 cash to acquire land for a future office site.
Performed service for a hotel and received its promise to
pay the $1,200 within one week.
Paid for the furniture purchased November 4 on account.
Paid secretary’s bi-monthly salary, $540.
Received cash on account, $500.
Prepared a design for a school on account, $800.
Received $2,200 cash for consulting with Plummer &
Gorden.
Paid secretary’s bi-monthly salary, $540.
Paid rent expense, $830.
Yung withdrew cash of $2,700.

Requirements
1. Open the following T-accounts: Cash; Accounts receivable; Supplies; Furniture;
Land; Accounts payable; Yung, capital; Yung, drawing; Service revenue; Salary
expense; and Rent expense.
2. Record each transaction in the journal, using the account titles given. Key each
transaction by date. Explanations are not required.
3. Post the transactions to the T-accounts, using transaction dates as posting references
in the ledger accounts. Label the balance of each account Bal, as shown in
the chapter.
4. Prepare the trial balance of Beth Yung, Designer, at November 30, 2012.