Question

Geo Inc. had the following account balances on January 1, Year 2- Accounts Payable Accounts Receivable Cash Common Stock Equipment Notes Payable Retained Earnings Salaries and Wages Expense Supplies $ 701 1.400 1.400 10,000 1,300 2,600 3.411 3,900 580 A Paid $701 on account for utilities that were used during December Year 1 B. Purchased $443 of supplies for cash. C. Signed a rental agreement for office space and paid $4,300 in advance for six months of rent beginning February 1 Year 2 D. Purchased $13,500 of new equipment, signing a promissory note. E. Provided $28,000 of services. $14,500 was received in cash and $13,500 was provided on credit F. Paid workers $5,600 for work done in January Required: Prepare journal entries for each of the following January activities, and post results to the relevant T-accounts. Compute the

Answer 1

Journal entries. Date - General Joural I Debit to I credit A Accounts payables Cash Ac 70 tol 443 443. B. Supplies Alche Cash Alc DO c. Prepaid Rent le petite Cash Ac. 4300 14300 D. Equipment Alc Notes 13500 payable Alc | 13 500 Cash, Atc Accounts Receivables Service Revenue Alc. 14500 13 SDO 28000 F Salaries & wages 59 Alc 5600 Cash Aic 5600

Alc Cash 140 Begining balanke. عاطصوم امامA | Service Revenue 14 500 Supplies Al Prepaid sent Salaries of wages Ending balance 15900 Accounts Receivables 1400 13500 Ending balance For 443 4300 5600 4856 15900 Begining balance Service Revener 14900 14900 14900 نقاطه هم حامیم Begining balance 701 Cash Arc | Foj 401 Foi Com man Stock Begining balance 10,000 10,000 Ending balance 10,000 110,000 Equipment Ak. Begining balance 1300 Notes payable 13.500 Ending balanse 14800 T14800 14800

2600. Notes Payable Ac Begining balante Equipment 16100 13500 Ending balance 16100 16100 Salogies & wages AC Begining balance Cash Ac 3900 5600. Ending balance 9500 1 9500 | 9500 Begining balance Cash All Suppue fa 580 443 Ending balance 1023 log 3 1023 Retained earnings All Begining balance 3411. Ending balance 3411 340L Cash All Prepaid rent Alc. 4300. Ending balance 4300. 4300 4300

Service Revenue Cash Al Accounts Receivables 14 5DD 13500 128000 Ending balance 28000 28000
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