Q1) The trial balance of Stephanie Stouse, Registered Dietician, at October 31, 2007, follows.
Acct. # |
Account Title |
Debit |
Credit |
11 |
Cash |
$3000 |
|
12 |
Accounts Receivable |
8000 |
|
13 |
Supplies |
600 |
|
14 |
Equipment |
15000 |
|
21 |
Accounts Payable |
|
$4600 |
31 |
Stephanie Stouse, Capital |
|
22000 |
32 |
Stephanie Stouse, withdrawals |
|
|
41 |
Service Revenue |
|
|
51 |
Salary Expense |
|
|
52 |
Rent Expense |
|
|
|
Total |
26600 |
26600 |
In November, Stouse completed following transactions.
Nov 4 Collectec $6,000 cash from a client on account
7 Performed a nutritional analysis for a hospital on account, $5,700.
12 Used personal funds to pay for renovation of private residence, $55,000
16 Purchase supplies on account, $800
19 Withdrew $2,100 for personal use
20 Paid on account $2,600
24 Received $1,900 cash for consulting with Kraft Foods
30 Paid rent $700
30 paid employee salary 2,000
Requirements:
i) Record November transactions in journal
ii) Post balances and transactions to ledger accounts ("T" accounts)
iii) Create trial balance of Stephanie Stouse, Registerd Dietician at November 30, 2007.
Part 2
Describe in an essay format of the above situation