Ayala Architects incorporated as licensed architects on April 1, 2017. During tne first month of the operation of the business, these events and transactions occurred: Apr. 1 Stockholders invested $18,000 cash in exchange for common stock of the corporation.
Hired a secretary-receptionist at a salary of $375 per week, payable monthly.
2 Paid office rent for the month $900.
3 Purchased architectural supplies on account from Burmingham Company $1, 300.
10 Completed blueprints on a carport and billed client $1, 900 for services.
11 Received $700 cash advance from M. Jason to design a new home.
20 Received $2, 800 cash for services completed and delivered to S. Melvin.
30 Paid secretary-receptionist for the month $ 1, 500.
30 Paid $300 to Burmingham Company for accounts payable due.
The company uses these accounts: Cash, Accounts Receivable, Supplies, Accounts Payable, Unearned Service Revenue, Common Stock, Service Revenue, Salaries and Wages Expense, and Rent Expense.
Instructions:
(a) Journalize the transactions, including explanations
(b) Post to the ledger T-accounts.
(c) Prepare a trial balance on April 30, 2017.

Ayala Architects

a) Journal Entries:

Apr. 1: Debit Cash $18,000

Credit Common Stock $18,000

To record the issuance of common shares for cash.

Apr. 2: Debit Rent Expense $900

Credit Cash $900

To record the payment of rent for the month.

Apr. 3: Debit Supplies $1,300

Credit Accounts payable (Burmingham Company) $1,300

To record the purchase of supplies on account.

Apr. 10: Debit Accounts receivable $1,900

Credit Service Revenue $1,900

To record the sale of services on account.

Apr. 11: Debit Cash $700

Credit Unearned Service Revenue $700

To record receipt of cash in advance for services.

Apr. 20: Debit Cash $2,800

Credit Service Revenue $2,800

To record the receipt of cash for services rendered.

Apr. 30: Debit Salaries and Wages Expense $1,500

Credit Cash $1,500

To record payment of salaries for the month. ($375 * 4 weeks)

Apr. 30: Debit Accounts payable (Burmingham Company) $300

Credit Cash $300

To record payment on account.

b) T-accounts

Cash

Account Titles                Debit     Credit

Common stock           $18,000

Rent                                               $900

Unearned revenue           700

Service revenue            2,800

Salaries and wages                     1,500

Accounts payable                          300

Balance                                      18,800

Accounts Receivable

Account Titles                Debit     Credit

Service Revenue        $1,900

Supplies

Account Titles                Debit     Credit

Accounts payable      $1,300

Accounts Payable

Account Titles                Debit     Credit

Supplies                                      $1,300

Cash                               $300

Balance                          1,000

Unearned Service Revenue

Account Titles                Debit     Credit

Cash                                            $700

Common Stock

Account Titles                Debit     Credit

Cash                                          $18,000

Service Revenue

Account Titles                Debit     Credit

Accounts receivable                  $1,900

Cash                                            2,800

Balance                       $4,700

Salaries and Wages Expense

Account Titles                Debit     Credit

Cash                             $1,500

Rent Expense

Account Titles                Debit     Credit

Cash                               $900

c) Trial Balance

As of April 30, 2017:

Account Titles                          Debit     Credit

Cash                                      $18,800

Accounts receivable                 1,900

Supplies                                    1,300

Accounts payable                                  $1,000

Unearned Service Revenue                      700

Common Stock                                      18,000

Service Revenue                                     4,700

Salaries and wages exp.         1,500

Rent Expense                            900

Totals                                 $24,400  $24,400  

Explanation:

a) Data and Analysis:

Apr. 1: Cash $18,000 Common Stock $18,000

Apr. 2: Rent Expense $900 Cash $900

Apr. 3: Supplies $1,300 Accounts payable (Burmingham Company) $1,300

Apr. 10: Accounts receivable $1,900 Service Revenue $1,900

Apr. 11: Cash $700 Unearned Service Revenue $700

Apr. 20: Cash $2,800 Service Revenue $2,800

Apr. 30: Salaries and Wages Expense $1,500 Cash $1,500 ($375 * 4 weeks)

Apr. 30: Accounts payable (Burmingham Company) $300 Cash $300

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