Entry and trial balance preparation. Lee Adkins is a portrait artist. The following schedule represents Lee’s combined chart of accounts and trial balance as of May 31.
Account numberAccount nameDebitCredit
110
Cash
$ 2,700
120
Accounts Receivable
12,100
130
Equipment and Supplies
2,800
140
Studio
45,000
210
Accounts Payable
$2,600
310
Lee Adkins, Owners Equity
57,400
320
Lee Adkins, Drawing
30,000
410
Revenue
39,000
510
Advertising Expense
2,300
520
Salaries Expense
2,100
540
Utilities Expense
2,000
$99,000
$99,000
The general ledger also revealed account no. 530, Legal and Accounting Expense. The following transactions occurred during June:
6/2:
Collected $7,500 on account from customers.
6/7:
Sold 25% of the equipment and supplies to a young artist for $700 for cash
6/10:
Received a $500 bill from the accountant for preparing last quarter’s financial statements.
6/15:
Paid $2,100 to creditors on account.
6/27:
Adkins withdrew $1,000 cash for personal use.
6/30:
Billed a customer $3,000 for a portrait painted this month.
Open running balance ledger “T†accounts by entering account titles, account numÂbers, and May 31 balances.
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