Selected transactions from the journal of Galaxy Inc. during its first month of operations are presented here.
|
Date
|
Account Titles
|
Debit
|
Credit
|
|
Aug. 1
|
Cash
|
8,000
|
|
|
Common Stock
|
|
8,000
|
|
10
|
Cash
|
1,700
|
|
|
Service Revenue
|
|
1,700
|
|
12
|
Equipment
|
6200
|
|
|
Cash
|
|
1200
|
|
Notes Payable
|
|
5000
|
|
25
|
Accounts Receivable
|
3400
|
|
|
Service Revenue
|
|
3400
|
|
31
|
Cash
|
600
|
|
|
Accounts Receivable
|
|
600
|
Instructions
(a) Post the transactions to T accounts.
(b) Prepare a trial balance at August 31, 2012.