Problem 3.5
Journal entries, entering beginning account balances,
posting to T accounts, and trial balance
The 31 May 2017 trial balance of Amy Wait, Physiotherapist, is shown below. Ignore GST.
AMY WAIT, PHYSIOTHERAPIST
Trial Balance
as at 31 May 2017
Account
Cash at bank
Accounts receivable
Supplies
Prepaid insurance
Furniture and equipment
Accounts payable
Electricity account payable
Unearned revenue
A. Wait, Capital
A. Wait, Drawings
Services revenue
Salary expense
Electricity expense
Rent expense
$
Debit
105 000
48 000
12 300
8 200
260 600
Credit
$
9 700
9 500
2 900
314 960
161 200
462 000
$
170 300
9 460
24 000
799 060
$
799 060
The following transactions were completed during June:
June 1
Purchased supplies on credit for $5800.
3
Received $24 400 from patients as payment on account.
6
Paid the electricity expense of $9500, previously recorded.
10
Performed services for $2000 that was recorded previously as unearned revenue.
14
Recorded revenue of $178 600 in cash and $13 650 on credit.
20
Paid salaries of $65 880.
23
Purchased furniture for $15 400 and paid by electronic transfer.
24
Withdrew $60 000 from the business for personal use.
26
Paid creditors $7000.
27
Purchased insurance policy for $24 000 to cover business assets.
29
Received $12 000 from patients as payment on account.
30
Recorded revenue of $124 600 in cash and $25 000 on credit.
Paid rent of $24 000.
Required
A.
Prepare journal entries to record each transaction.
B.
1.
Open T accounts for the accounts shown in the trial balance.
2.
Enter the 31 May balance in each account.
3.
Post the journal entries to the T accounts.
C.
Prepare a trial balance as at 30 June 2017.
A. General Journal
Date
Transaction
Debit
Credit
B.
Cash at Bank
31/5
6/6
3/6
20/6
14/6
23/6
29/6
24/6
30/6
26/6
27/6
30/6
30/6
30/6
Accounts Receivable
31/5
3/6
14/6
29/6
30/6
30/6
30/6
Supplies
31/5
1/6
30/6
Prepaid Insurance
31/5
26/6
30/6
30/6
Furniture and Equipment
31/5
23/6
30/6
Accounts Payable
31/5
26/6
1/6
30/6
30/6
Electricity Account Payable
6/6
31/5
Unearned Revenue
10/6
31/5
30/6
30/6
A. Wait, Capital
31/5
A. Wait, Drawings
31/5
24/6
30/6
30/6
Services Revenue
31/5
10/6
14/6
30/6
30/6
30/6
Salary Expense
31/5
20/6
30/6
30/6
Electricity Expense
31/5
Rent Expense
31/5
30/6
30/6
30/6
AMY WAIT, PHYSIOTHERAPIST
Trial Balance
as at 30 June 2017
Debit
Cash at Bank
Accounts Receivable
Supplies
Prepaid Insurance
Furniture and Equipment
Accounts Payable
Unearned Revenue
A. Wait, Capital
A. Wait, Drawings
Services Revenue
Salary Expense
Electricity Expense
Rent Expense
Credit