Using the general journal entries prepared in Problem 2-4B, complete the following: 1. Set up the following

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Using the general journal entries prepared in Problem 2-4B, complete the following:

1. Set up the following accounts (use the balance column format or T-accounts): Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); Francis Dhami, Capital (301); Francis Dhami, Withdrawals (302); Accounting Revenue (401); Professional Development Expense (680); and Utilities Expense (690).

2. Post the entries to the general ledger accounts and enter the balance after each posting.

3. Prepare a trial balance as of September 30, 2020.

Problem 2-4B

Francis Dhami, Public Accountant, completed these activities during September 2020, the first month of operations:

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Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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