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Question(s) / Instruction(s):

ACCT2020 Selected transactions from the journal of Galaxy Inc. during its first month of operations are presented here.

Date                      Account Titles                    Debit                     Credit

Aug. 1                   Cash                                      3,300    

                                   Common Stock                                             3,300

Aug. 10                 Cash                                      1,558    

                        Service Revenue                                                     1,558

Aug. 12 Office Equipment                            6,188    

                        Notes Payable                                                          4,705

                        Cash                                                                             1,483

Aug. 25 Accounts Receivable                      2,504    

                        Service Revenue                                                     2,504

Aug. 31 Cash                                                      790        

                        Accounts Receivable                                             790

Required:           

1.            Post the transactions to T accounts.

2.            Complete the trial balance at August 31, 2012.

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