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-   -   1. Accounting 1101... Help! (https://www.askmehelpdesk.com/showthread.php?t=444359)

  • Feb 7, 2010, 07:31 PM
    nicole26
    1. Accounting 1101... Help!!
    1. Record the following transactions in the general journal. Use ONLY these account titles: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; YOUR NAME, Capital; YOUR NAME, Drawing; Service Revenue; Rent Expense; Supplies Expense; Utilities Expense. You may not need to use all of the accounts. Be sure to follow the proper format as outlined in your textbook.

    3/1/07 Invested $20,000 in cash and $5,000 of equipment in the business.

    3/5/07 Purchased equipment on account, $1,200.

    3/7/07 Purchased supplies on account, $500.

    3/10/07 Purchased supplies with cash, $1,000.

    3/13/07 Received cash for services provided to clients, $2,500.

    3/15/07 Paid rent, $850.

    3/20/07 Billed clients for services performed, $850.

    3/25/07 Paid for equipment purchased on 3/5/07.

    3/28/07 Received payment for services performed on 3/20/07.

    3/31/07 Withdrew cash for personal use, $3,000.

    2. After recording the transactions listed above, post to the general ledger.

    3. Prepare a trial balance for the month ended March 31, 2007.
  • Feb 9, 2010, 12:20 AM
    Ghc318
    3/1 Cash 20,000
    Equipment 5,000
    Your Name Capital 25,000
    3/5 Equipment 1,200
    Accounts Payable 1,200
    3/7 Supplies 500
    Accounts Payable 500
    3/10 Supplies 1,000
    Cash 1,000
    3/13 Cash 2,500
    Service Revenue 2,500
    3/15 REnt Epxense 850
    Cash 850
    3/20 Accounts Recievable 850
    Service Revenue 850
    3/25 Accounts Payable 1,200
    Cash 1,200
    3/28 Cash 850
    Accounts Recievable 850
    3/31 Your Name, Drawing 3,000
    Cash 3,000
    FOr the general ledger separate the accounts titles and figure balances either debit or credit
    Here is how the Trail Balance should look
    Cash xx
    A/R XX
    Equip. XX
    Supp. Xx
    A/P xx
    Serv. Rev. xx
    Rent Exp XX
    U name Cap XX
    " " Draw XX
    TOtals XX XX
    The Left should then equal the right at $28,850.00 if there is nothing else in the general ledger already as far as prior balances.
  • Feb 11, 2010, 01:44 AM
    morgaine300

    Sigh. This is third time in like 15 minutes.

    Please BOTH of you read the guidelines for posting homework problems:
    https://www.askmehelpdesk.com/financ...-b-u-font.html

    That includes the person giving away all the answers. We are not here just to do people's homework for them.

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