Question

create general journal and ledger

Practice Set: Gloria Spencer owns a company called Gloria's Cleaning Service, which specializes in cleaning homes. You have been hired by Gloria as her bookkeeper. After talking to Gloria, you prepare her chart of accounts: Gloria's Cleaning Service Chart of Accounts Account # Account Name 101 Cash 102 Accounts Receivable 103 Supplies 201 Accounts Payable 202 Wages Payable 301 G. Spencer, Capital 302 G. Spencer, Drawing 401 Service Revenue 501 Rent Expense 502 Wages Expense 503 Supplies Expense The first month of business for Gloria's Cleaning Service is August 2019, and the transactions for the month are: Date Transaction 8/01/2019 Gloria opened the bank account and deposited $3,000 for her capital contribution. 8/05/2019 Gloria paid $225 for rent. 8/16/2019 Gloria paid her cleaning staff wages of $200 (you may disregard the payroll taxes). 8/15/2019 Gloria deposited $3,250 which had been collected when Gloria performed cleaning services. 8/22/2019 Gloria received a bill of $75 for cleaning supplies which will be paid next month. Gloria received a bill of 75 for 8/31/2019 Gloria withdrew $800 for her personal use. Practice Set inte

Answer 1

Credit Debit $3,000 $3,000 $225 $225 $200 Date General Journal 8/01/2019 Cash G.Spencer, Capital 8/05/2019 Rent Expense Cash 8/16/2019 Wages Expense Cash 8/15/2019 Cash Service Revenue 8/22/2019 Supplies Accounts Payable 8/31/2019 G.Spencer, Drawing Cash $200 [Cash comes into the business and so debited] (Capital contribution and so it is credited] [Expense item and so it is debited] Cash goes out from the business and so credited] [Expense item and so it is debited] (Cash goes out from the business and so credited] [Cash comes into the business and so debited] [Revenue item and so it is credited] [Supplies (an asset) comes into the business and so debited] [Liability created and so it is credited] Capital withdrawn from the business and so it is debited] Cash goes out from the business and so credited] $3,250 $3,250 $75 $75 $800 $800

Credit 2) Ledger Accounts 101: Cash Date Account Titles 8/01/2019 G.Spencer, Capital 8/05/2019 Rent Expense 8/16/2019 Wages Expense 8/15/2019 Service Revenue 8/31/2019 G.Spencer, Drawing Debit 301: G.Spencer, Capital Date Account Titles 8/01/2019 Cash Debit $3,000 Credit $3,000 Balance $3,000 $225 $200 Balance $3,000 $2,775 $2,575 $5,825 $5,025 $3,250 302: G.Spencer, Drawing Date Account Titles 8/31/2019 Cash Credit Debit $800 Balance $800 $800 102: Accounts Receivable Date Account Titles Debit Credit Balance 401: Service Revenue Date Account Titles 8/15/2019 Cash Debit Credit $3,250 Balance $3,250 103: Supplies Date Account Titles 8/22/2019 Accounts Payable Credit Balance Debit $75 $75 501: Rent Expense Date Account Titles 8/05/2019 Cash Credit Debit $225 Balance $225 201: Accounts Payable Date Account Titles 8/22/2019 Supplies Debit Credit $75 Balance $75 502: Wages Expense Date Account Titles 8/16/2019 Cash Credit Balance Debit $200 $200 202: Wages Payable Date Account Titles Debit Credit Balance 503: Supplies Expense Date Account Titles Debit Credit Balance