Journalizing and posting transactions.
In June 2010, Wallace King opened a photography studio that provides services to public and private schools. His firm’s financial activities for the first month of operations and the chart of accounts appear below.
INSTRUCTIONS
1. Journalize the transactions. Number the journal page 1 and write the year at the top of the Date column. Describe each entry.
2. Post to the ledger accounts. Before you start the posting process, open the accounts by entering the 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 Photographic Equipment | 517 Salaries Expense |
LIABILITIES | 520 Telephone Expense |
202 Accounts Payable | 523 Utilities Expense |
OWNER’S EQUITY |
|
301 Wallace King, Capital |
|
302 Wallace King, Drawing |
|
DATE | TRANSACTIONS |
June 1 | Wallace King invested $16,000 cash in the business. |
2 | Issued Check 1001 for $900 to pay the June rent. |
5 | Purchased desks and other office furniture for $3,750 from Brown, Inc., received Invoice 5312, payable in 60 days. |
6 | Issued Check 1002 for $950 to purchase photographic equipment. |
7 | Purchased supplies for $238; paid with Check 1003. |
10 | Issued Check 1004 for $200 for office cleaning service. |
12 | Performed services for $650 in cash and $650 on credit. (Use one compound entry.) |
15 | Returned damaged supplies; received a $75 cash refund. |
18 | Purchased a computer for $1,025 from Craft Office Supply, Invoice 304; issued Check 1005 for a $500 down payment. The balance is payable in 30 days. (Use one compound entry.) |
20 | Issued Check 1006 for $2,100 to Brown, Inc., as payment on account for office furniture, Invoice 5312. |
26 | Performed services for $1,000 on credit. |
27 | Paid $290 for monthly telephone bill; issued Check 1007. |
30 | Received $1,050 in cash from credit clients on account. |
30 | Issued Check 1008 to pay the monthly utility bill of $275. |
30 | Issued Checks 1009-1011 for $2,800 for salaries. |
Analyze: What was the Cash account balance after the transaction of June 27 was recorded? ?
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.