Prepare a "T" account depiction of the Company's General Ledger activity for the month of January 2020
1. On January 1, 2020, the owner of ACC invested $10,000.00 cash in the company.
2. An invoice was received from ACC's insurance provider on January 15, 2020, for casualty insurance coverage in the amount of $2,400.00 for the period January 1, through December 31, 2020.
3. Employees earned salary and wages in January of $6,500.00 which was paid on February 1, 2020.
4. The insurance premium described in transaction 2 was paid on January 31, 2020.
5. Office expense for the month of January paid in cash was $1,500.00 6. Record insurance expenses for the month of January. 7. January's service revenue for the Company is $21,000.00. All revenues are recorded as "on account."
Solution:
Cash | |||
1 | $ 10,000 | 4 | $ 2,400 |
5 | $ 1,500 | ||
End Balance | $ 6,100 | ||
Common Stock | |||
1 | $ 10,000 | ||
End Balance | $ 10,000 | ||
Salaries Payable | |||
3 | $ 6,500 | ||
End Balance | $ 6,500 | ||
Salaries Expense | |||
3 | $ 6,500 | ||
End Balance | $ 6,500 | ||
Service Revenue | |||
7 | $ 21,000 | ||
End Balance | $ 21,000 | ||
Accounts Receivable | |||
7 | $ 21,000 | ||
End Balance | $ 21,000 | ||
Prepaid Insurance | |||
4 | $ 2,400 | 6 | $ 200 |
End Balance | $ 2,200 | ||
Office Expense | |||
5 | $ 1,500 | ||
End Balance | $ 1,500 | ||
Insurance Expense | |||
6 | $ 200 | ||
End Balance | $ 200 |
Notes:
1) January 15th, an invoice was received relating to insurance and payment was not made. So, No need to post such information into T Accounts. Insurance was paid on January 31st, we will record that entry and post to T Accounts
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