Project Brief:

Heng Heng Electrical and Aircon Service’s chart of accounts and the balance of accounts as of 31 Jul 2020 (all normal balances) are as follows:

Type	G/L Account	Account Name	Balance
Assets	110	Bank-DBS	$ 43,700
	120	Accounts Receivable	$130,500
	140	Supplies	$6,700
	150	Prepaid Insurance	$9,000
	160	Equipment/Tools	$48,500
	170	Office Equipment	$23,500
Liabilities	210	Accounts Payable	$62,100
	230	Bank Loan	$100,000
	240	Unearned Revenue	$40,500
Owner’s Equity	310	Capital	$50,000
	320	Drawing	$2,000
Revenue	410	Fees Earned	$60,000
Expense	510	Salaries Expense	$31,700
	520	Rent Expense Equipment	$2,900
	530	Rent Expense Office	$2,400
	540	Advertising Expense	$1,000
	550	Supplies Expense	$3,000
	560	Utilities Expense	$2,500
	570	Commissions Expense	$4,400

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Instructions:

1. Enter the Aug 1, 2020 account balances in the appropriate balance column of an account. Write Balance in Item column and place a checkmark (√) in the Posting Reference column. Verify the quality of the debit and credit balances in the ledger.

2. Analyse and journalize each transaction with narration. Assume that all cash transactions will be transacted into the bank immediately.

3. Post the journal to the ledger and extending the account balance to the appropriate balance column.

4. Prepare an Unadjusted Trial Balance as of 31 Aug 2020.

University	National University of Singapore (NUS)
Subject	Accounting

Heng Heng Electrical and Aircon Service’s Chart of Accounts and the Balance: Accounting Assignment, NUS, Singapore

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