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Entry and trial balance preparation.

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

12,100

 

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

2,100

 

540

Utilities Expense

2,000

 

 

$99,000

$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.

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