Accounting HELP!!!

6. Entry and trial balance preparation. Lee Adkins is a portrait artist. The following schedule represents Leeâ€™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, Capital			57,400
320	Lee Adkins, Drawing		30,000
410	Professional Fee 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 $3,000 on account from customers
	6/7		Sold 25% of the equipment and supplies to a young artist for $700 cash
	6/10		Received a $300 invoice from the accountant for preparing last quarter’s financial Statements.
	6/15		Paid $1,900 to creditors on account.
	6/27		Adkins withdrew $2,000 cash for personal use.
	6/30		Billed a customer $3,000 for a portrait painted this month.

a. Record the necessary journal entries for June on page 2 of the companyâ€™s general journal. (See Exhibit 2.6)

b. Open running balance ledger â€œTâ€ accounts by entering account titles, account numÂbers, and May 31 balances. (See exhibit 2.3 and 2.4)

c. Post the journal entries to the â€œTâ€ accounts.

d. Prepare a trial balance as of June 30. (See exhibit 2.9)

7. Journal entry preparation. On January 1 of the current year, Peter Houston invested $80,000 cash into his companyMuniServ.The cash was obtained from an owner investment by Peter Houston of $50,000 and a $30,000 bank loan. Shortly thereafter, the company acÂquired selected assets of a bankrupt competitor. The acquisition included land ($10,000), a building ($40,000), and vehicles ($10,000). MuniServ paid $45,000 at the time of the transaction and agreed to remit the remaining balance due of $15,000 (an account payable) by February 15.

During January, the company had additional cash outlays for the followÂing items:

Purchases of store equipment	$4,600
Note payment	500
Salaries expense	2,300
Advertising expense	700

The January utility bill of $200 was received on January 31 and will be paid next month. MuniServ rendered services to clients on account amounting to $9,400. All customers have been billed; by month end, $3,700 had been received in settlement of account balances.

Instructions

a. Present journal entries that reflect MuniServ’s January transactions, including the $80,000raised from the owner investment and loan. (See exhibit 2.6)

b. Compute the total debits, total credits, and ending balance that would befound in the company’s Cash account. (Post to â€œTâ€ Accounts, see exhibit 2.3 and 2.4)

c. Determine the amount that would be shown on the January 31 trial balance for Accounts

Payable. Is the balance a debit or a credit?

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