[nikkster12]

Matt's Company had the following transactions:

July 1- Matt purchased common stock in the company in return for $37,000 cash
July 2- Matt gave his old PC to the company in return for $1,800 of common stock.
July 3- His company purchased other equipment for $4,800 on an account
July 5- They performed counseling services for $5,600 cash
July 9- They paid $19,000 cash to acquire 100 acres of land in western Kansas
July 10- they performed $29,000 of services for a client and agreed to be paid in two weeks
July 11- They paid salaries to its employees of $4,400
July 15- They paid its utility bill in the amount of $500
July 17- they paid its rent expense of $6,300
July 22- Matt bought some jeans and a hat for $328.57 for his wedding
July 24- the client who received services on July 10 paid $8,000 cash and received a one-week extension for the rest of the payment
July 26- The company declared and paid $1,700 cash in dividends
July 27- The company performed $3,400 of counseling service for $900 cash with the rest due in three weeks
July 31- the client who received services on July 10 paid the remainder of the amount owed.

Use the following accounts in this answer: cash, accounts receivable, supplies, equipment, land, accounts payable, common stock, dividends, service revenue, salary expense, rent expense, utilities expense

1. Record each transaction in a journal using the account names provided. Each transaction should be keyed by its date. The explanation line may be omitted.
2. Post each of the transactions to the ledger using the T-account format. Use the label bal for the beginning and ending balance in each account. Be sure to label each entry with the date of each transaction.
3. Prepare the trial balance.

[JudyKayTee]

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