Question

Requirement 2. Post the transactions to the T-accounts, using transaction dates as posting references. Determine the ending balance in each account. Review the journal entries prepared in previous steps. Cash Common Stock

Answer 1

Answer

CASH

Particulars	DEBIT	Particulars	CREDIT
Dec 2 Common Stock	70000
Dec 4 Service revenue	5500
		Dec 7 Land	36000
		Dec 16 Accounts Payable	11300
		Dec 17 Advertisment Expenses	580
Dec 15 Accounts Receivable	2000	Dec 22 Utility Expenses	410
Dec 29 Service Revenue	2200
		Dec 31 Salary Expenses	2700
		Dec 31 Dividend	1400
TOTAL	79700	TOTAL	52390
		Closing Balance	27310

COMMON STOCK

Particulars	DEBIT	Particulars	CREDIT
		Dec 2 Cash	70000
TOTAL	0	TOTAL	70000
Closing Balance	70000

ACCOUNTS RECEIVABLE

Particulars	DEBIT	Particulars	CREDIT
Dec 11 Service revenue	4100	Dec 18 Cash	2000
TOTAL	4100	TOTAL	2000
		Closing Balance	2100

DIVIDEND

Particulars	DEBIT	Particulars	CREDIT
Dec 31 Cash	1400
TOTAL	1400	TOTAL	0
		Closing Balance	1400

SUPPLIES

Particulars	DEBIT	Particulars	CREDIT
Dec 3 Accounts Payable	700
TOTAL	700	TOTAL	0
		Closing Balance	700

SERVICE REVENUE

Particulars	DEBIT	Particulars	CREDIT
		Dec 4 Cash	5500
		Dec 11 accounts receivable	4100
		Dec 29 cash	2200
TOTAL	0	TOTAL	11800
Closing Balance	11800

EQUIPMENTS

Particulars	DEBIT	Particulars	CREDIT
Dec 3 Accounts Payable	11300
TOTAL	11300	TOTAL	0
		Closing Balance	11300

SALARY EXPENSES

Particulars	DEBIT	Particulars	CREDIT
Dec 31 Cash	2700
TOTAL	2700	TOTAL	0
		Closing Balance	2700

LAND

Particulars	DEBIT	Particulars	CREDIT
Dec 7 Cash	36000
TOTAL	36000	TOTAL	0
		Closing Balance	36000

ADVERTISEMENT EXPENSES

Particulars	DEBIT	Particulars	CREDIT
Dec 17 Cash	580
TOTAL	580	TOTAL	0
		Closing Balance	580

ACCOUNTS PAYABLE

Particulars	DEBIT	Particulars	CREDIT
Dec 16 Cash	11300	Dec 3 Supplies	700
		Dec 3 Equipments	11300
TOTAL	11300	TOTAL	12000
Closing Balance	700

UTILITY EXPENSES

Particulars	DEBIT	Particulars	CREDIT
Dec 22 Cash	410
TOTAL	410	TOTAL	0
		Closing Balance	410