Journalizing and posting transactions
On October 1, 2010, Connie Hernandez opened an advertising agency. She plans to use the chart of accounts listed below.
INSTRUCTIONS
1. Journalize the transactions. Number the journal page 1, write the year at the top of the Date column, and include a description for each entry.
2. Post to the ledger accounts. Before you start the posting process, open accounts by entering account names and numbers in the headings. Follow the order of the accounts in the chart of accounts.
ASSETS | REVENUE |
101 Cash | 401 Fees Income |
111 Accounts Receivable | EXPENSES |
121 Supplies | 511 Office Cleaning Expense |
141 Office Equipment | 514 Rent Expense |
151 Art Equipment | 517 Salaries Expense |
LIABILITIES | 520 Telephone Expense |
202 Accounts Payable | 523 Utilities Expense |
OWNER’S EQUITY |
|
301 Connie Hernandez, Capital |
|
302 Connie Hernandez, Drawing |
|
DATE | TRANSACTIONS |
Oct. 1 | Connie Hernandez invested $35,000 cash in the business. |
2 | Paid October office rent of $1,125; issued Check 1001. |
5 | Purchased desks and other office furniture for $7,000 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days. |
6 | Issued Check 1002 for $2,175 to purchase art equipment. |
7 | Purchased supplies for $535; paid with Check 1003. |
10 | Issued Check 1004 for $250 for office cleaning service. |
12 | Performed services for $1,600 in cash and $1,400 on credit. (Use a compound entry.) |
15 | Returned damaged supplies for a cash refund of $150. |
18 | Purchased a computer for $1,025 from Office Furniture Mart, Inc., Invoice 7108; issued Check 1005 for a $525 down payment, with the balance payable in 30 days. (Use one compound entry.) |
20 | Issued Check 1006 for $3,500 to Office Furniture Mart, Inc., as payment on account for Invoice 6704. |
26 | Performed services for $1,950 on credit. |
27 | Paid $125 for monthly telephone bill; issued Check 1007. |
30 | Received $1,600 in cash from credit customers. |
30 | Mailed Check 1008 to pay the monthly utility bill of $296. |
30 | Issued Checks 1009-1011 for $3,775 for salaries. |
Analyze: What is the balance of account 202 in the general ledger?
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.