Journalizing and posting transactions
Four transactions for Farm Supply&Repair that took place in November 2010 appear below, along with the general ledger accounts used by the company.
INSTRUCTIONS
Record the transactions in the general journal and post them to the appropriate ledger accounts. Be sure to number the journal page 1 and to write the year at the top of the Date column.
Cash | 101 | Equipment | 151 |
Accounts Receivable | 111 | Accounts Payable | 202 |
Office Supplies | 121 | Erwin Tobias, Capital | 301 |
Tools | 131 | Fees Income | 401 |
Machinery | 141 |
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DATE | TRANSACTIONS |
Nov. 1 | Erwin Tobias invested $45,000 in cash plus tools with a fair market value of $1,000 to start the business. |
2 | Purchased equipment for $1,950 and supplies for $450 from Office Depot, Invoice 501; issued Check 100 for $600 as a down payment with the balance due in 30 days. |
10 | Performed services for James Wilson for $1,900, who paid $500 in cash with the balance due in 30 days. |
20 | Purchased machinery for $3,000 from Cottle Machinery, Inc., Invoice 709; issued Check 101 for $1,000 in cash as a down payment with the balance due in 30 days. |
Analyze: What liabilities does the business owe as of November 30?
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