accounting quiz

1. Write the accounting equation. Identify accounts specific with each item of the equation. Using T accounts identify the normal balance for each account. (30 points)

2. Please journalize and post each entry to T accounts. (50 points)

JD Specialties performed the completed the following transactions:

Jan 2 Purchased $350 of supplies on account. (expense)
Jan 10 Performed services for client’s in the amount of $6,500 on account.
Jan 15 Paid wages of $1,500, insurance of $250, and travel expenses of $25.
Jan 28 Received $2,500 on account for services performed.
Jan 31 Received and paid utility bill in the amount of $750.

Supplies account

3. Prepare a trial balance from the information obtained in Problem 2. ( 20 points)

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