The trial balance of James Howe CPA is dated March #350

The trial balance of James Howe, CPA, is dated March 31, 2017:During April, the business
completed the following transactions:Apr. 4 Collected $2,000 cash from a client on account.8
Performed tax services for a client on account, $5,400.13 Paid $3,300 on account.14
Purchased furniture on account, $4,600.15 Howe contributed his personal automobile to the
business in exchange for common stock. The automobile had a market value of $10,000.18
Purchased office supplies on account, $1,000.19 Received $2,700 for tax services performed
on April 8.20 Paid cash dividends of $4,000.21 Received $3,800 cash for consulting work
completed.24 Received $1,400 cash for accounting services to be completed next month.27
Paid office rent, $600.28 Paid employee salary, $1,000.Requirements1. Record the April
transactions in the journal using the following accounts: Cash; Accounts Receivable; Office
Supplies; Furniture; Automobile; Land; Accounts Payable; Unearned Revenue; Common Stock;
Dividends; Service Revenue; Salaries Expense; and Rent Expense. Include an explanation for
each entry.2. Open the four-column ledger accounts listed in the trial balance, together with
their balances as of March 31. Use the following account numbers: Cash, 11; Accounts
Receivable, 12; Office Supplies, 13; Furniture, 14; Automobile, 15;Land, 16; Accounts Payable,
21; Unearned Revenue, 22; Common Stock, 31; Dividends, 33; Service Revenue, 41; Salaries
Expense, 51; and Rent Expense, 52.3. Post the journal entries to four-column accounts in the
ledger, using dates, account numbers, journal references, and posting references. Assume the
journal entries were recorded on page 5 of the journal.4. Prepare the trial balance of James
Howe, CPA, at April 30, 2017.View Solution:
The trial balance of James Howe CPA is dated March

ANSWER
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