- 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)
Please journalize and post each entry to T accounts. (50 points)
JD Specialties performed the completed the following transactions:
Purchased $350 of supplies on account. (expense)
Performed services for client’s in the amount of $6,500 on account.
Paid wages of $1,500, insurance of $250, and travel expenses of $25.
Received $2,500 on account for services performed.
Received and paid utility bill in the amount of $750.
- Prepare a trial balance from the information obtained in Problem 2. ( 20 points)