CUNY Lehman College Unadjusted Trial Balance Accounting Questions
1.Jenny Johnson opened a realty business, Johnson Realty and had the following transactions during the month of May:
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Date |
Transaction |
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May 1 |
Jenny invested $15,000 cash into the business in exchange for common stock |
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May 2 |
Purchased supplies on account, $350 |
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May 3 |
Paid May’s rent for the office space, $500 |
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May 5 |
Paid for a three-month insurance policy covering June-Aug, $600 |
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May 6 |
Received a cash commission of $3,500 for the sale of a house |
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May 10 |
Paid salaries, $1,250 |
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May 12 |
Paid utilities, $95 |
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May15 |
Paid for supplies previously purchased on May 2 |
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May 25 |
Received $900 cash in advance of selling a house |
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May 31 |
Paid $350 cash dividends |
A.Prepare journal entries for each of the above transactions.
B.Post the transactions into T-accounts.
C.Prepare a trial balance for the month ended May 31, 2022.
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Johnson Realty’s chart of accounts includes the following accounts: |
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Cash |
Supplies |
Rent Expense |
Utilities Expense |
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Equipment |
Dividends |
Prepaid Insurance |
Unearned Revenue |
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Accounts Receivable |
Prepaid Rent |
Accounts Payable |
Realty Revenue |
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Common Stock |
Retained Earnings |
Building |
Salaries Expense |
YOU DO NOT HAVE TO USE ALL OF THE ACCOUNTS AND SOME YOU WILL USE MANY TIMES.
2.Lauren Williams started an architecture firm called Williams Design Company and had the following transactions during 2022:
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Feb 1 |
Lauren invested $85,000 cash in the business in exchange for common stock |
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Feb 5 |
Purchased $800 of supplies |
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Feb 10 |
Paid $2,400 in cash for an insurance policy covering the 6 months of March to August |
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Mar 1 |
Paid $900 in cash for March’s rent |
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Mar 15 |
Received $700 in cash in exchange for design plans for a client |
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April 10 |
Received $950 in exchange for remodel plans that will be provided to the client by May 15 |
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Earned $750 on account for design plans for a client |
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Paid salary to employee $500 |
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Purchased $300 supplies on account |
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June 1 |
Purchased $4,000 equipment on account |
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June 3 |
Received cash from client previously earned on account $400 May 5 |
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June 28 |
Paid $300 cash for supplies previously purchased on account May 31 |
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July 5 |
Paid $150 for a utility bill |
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July 31 |
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Aug 1 |
Paid August rent $900 |
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Aug 31 |
Received $300 for services performed for a client |
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Sep 1 |
Paid for equipment purchased on June 1 |
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Sep 15 |
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Sep 30 |
Paid $100 cash dividends |
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Williams Design Company’s chart of accounts includes the following accounts: |
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Design Revenue |
YOU DO NOT HAVE TO USE ALL OF THE ACCOUNTS AND SOME YOU WILL USE MANY TIMES.
A.Prepare journal entries for each of the above transactions using valid accounts from the chart of accounts.
B.Post the transactions into T-accounts.
C.Prepare a trial balance for the year ended September 30, 2022.
