Question

Pearson ACT-Accounting Cycle Tutorial Financial - Google Chrome act.pearsoncmg.com/activity/3/1/1 On Dec. 15, paid $5,000 forCash Dec. 1 Cash Date Explanation Debit Ref Credit Balance Dec. 1 8000 8000 On Dec. 15, paid $5,000 for a one year insuranceAccounting Cycle Tutorial Step 3: Post to Ledger Posting to the T-account Activity 1.a - Post Transactions to T-accounts Ente

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Answer #1
Enter the transactions into the T-account and then into
four column ledgers. Be sure to calculate the balance after
each entry in the four column ledgers.
1. On Dec. 1, paid $8,000 for advertising in the local paper.
2. On Dec. 15, paid $5,000 for one year insurance policy
Solution.
Advertising Expense
Date Amount Amount Date
Dec. 1 $       8,000
Prepaid Insurance
Date Amount Amount Date
Dec. 15 $       5,000
Cash
Date Amount Amount Date
$     8,000 Dec. 1
$     5,000 Dec. 15
Advertising Expense
Date Exp. Ref. Debit Credit Balance
Dec.1 $     8,000 $     8,000
Prepaid Insurance
Date Exp. Ref. Debit Credit Balance
Dec. 15 $     5,000 $     5,000
Cash
Date Exp. Ref. Debit Credit Balance
Dec. 1 8000 8000
Dec. 15 5000 13000
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