Learning Objectives : Explain what a transaction is; analyze the impact of business transactions on accounts;
record (journalize and post) transactions in the books;
construct and use a trial balance) Sean Huffman, Certified Public Accountant, operates as a professional corporation (P.C.).
The business completed these transactions during the first part of January 2014:
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Cash.......................
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$ 9,600
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Accounts receivable.............
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13,200
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Inventory.........................
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17,100
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Supplies...........................
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800
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Land........................
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53,000
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Accounts payable...............
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$12,200
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Common stock.............
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47,400
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Sales revenue....................
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37,100
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Salary expense..................
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1,900
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Rent expense....................
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1,100
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Utilities expense.................
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1,100
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Total...............................
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$97,800
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$96,700
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