Accounting for Small Business
Transactions for Alf’s Tree Service
1 Initial Investment by Owner 10,000 $
2 Purchase Equipment for Cash 1,200 $
3 Purchase Supplies on Account 500 $
4 Establish Petty Cash Account 200 $
5 Sale on Account 5,500 $
6 Sale for Cash 4,000 $
7 Payment of Payroll 3,000 $
8 Payment of Rent 1,250 $
9 Purchase of Advertising on Account 720 $
10 Payment of Travel Expense 375 $
11 Pay Accts Payable 500 $
12 Payment of Payroll 3,100 $
13 Depreciation: 1/10th of Equipment Cost
14 Supplies on Hand at end of period 350 $
Instructions:
Journalize each transaction, including adjusting entries, if any
Post to Ledger Accounts
Prepare a Trial Balance Correct Acct values 90
Prepare Financial Statements
Income Statement, Balance Sheet
Journalize closing entries
Prepare a Post Closing Trial Balance Correctly
SHOW ALL JOURNAL ENTRIES AND T‐ (
Chart of Accounts
110 Cash
120 Petty Cash
130 Accts Rec
140 Supplies
160 Equipment
170 Accum Depr
210 Accts Payable
310 Capital
320 Net Income
410 Sales
510 Payroll Expense
520 Rent
530 Travel
540 Advertising
550 Suppies
560 Depr Expense
Last Completed Projects
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