Question Details

Compute the balance of the Cash account



1.	Using the alphabetical list of account balances presented below, all of which are normal, prepare a trial balance for T. and C. Company at June 30, 2010, in proper order. Compute the balance of the Cash account.

Accounts Payable	$140
Accounts Receivable	280
Cash	?
Equipment	400
Office Expense	180
Rita Mason, Capital	440
Service Revenue	300
2.	In the journal provided, prepare journal entries (in good form) for the following transactions. If no entry is required, write “no entry.” Omit explanations.

Nov.	1	Rae Bolger opened a dance school called Rae's Dance Studio by depositing $24,000 into a business bank account.
	2	Paid three months' rent in advance, $2,400.
	4	Hired a part-time assistant, to be paid $275 per week.
	6	Purchased sound equipment for $4,200. Paid $600 in cash, the remainder to be paid in installments of $1,200 every two weeks.
	8	Signed up ten students, who will begin lessons on November 10, at $100 per week per student.
	17	Received the first week's tuition from nine students; the tenth student will remit payment in three days.
	17	Paid the assistant his first week's wages.
	20	Received payment from the tenth student.
	20	Paid the first installment on the sound equipment purchased on November 6.
	23	Received an electric bill of $150, to be paid on December 1.





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