develop a trial balance, complete with an appropriate three-line heading 1. Bought office equipment from Peckoff Equipment
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develop a trial balance, complete with an appropriate three-line heading
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1. Bought office equipment from Peckoff Equipment Co. on 30-day credit terms, $1,390. Purchase Invoice #2071. Ledger Entries: Debit: Office Equipment (Asset) $1,390 Credit: Accounts Payable (Liability) $1,390 2. A customer, Edward Smith, stored his furniture for one month. The storage fee is $180. Today Smith paid a $50 deposit. Balance will be paid in 20 days. Sales Invoice #1. Ledger Entries: Debit: Accounts Receivable (Edward Smith) $180 (For storage fee) Debit: Cash $50 (Deposit received) Credit: Unearned Revenue (Liability) $180 (For the unearned portion of the fee) 3. Paid National Agency for February rent, $2,000. Cheque #1. Ledger Entries: Debit: Rent Expense $2,000 Credit: Cash $2,000 4. Received $2,380 from William Butler for moving services. Ledger Entries: Debit: Cash $2,380 Credit: Service Revenue $2,380 5. Charged Jack Swain $1,975 for moving services, to be paid on March 2. Sales Invoice #2. Ledger Entries: Debit: Accounts Receivable (Jack Swain) $1,975 Credit: Service Revenue $1,975 6. Paid Shell Canada for gasoline for our moving vans, $400. Cheque #2. Ledger Entries: Debit: Gasoline Expense $400 Credit: Cash $400 7. Received a cheque 1. Edward Smith to cover the 1. Bought office equipment from Peckoff Equipment Co. on 30-day credit terms, $1,390. Purchase Invoice #2071. Ledger Entries: Debit: Office Equipment (Asset) $1,390 Credit: Accounts Payable (Liability) $1,390 2. A customer, Edward Smith, stored his furniture for one month. The storage fee is $180. Today Smith paid a $50 deposit. Balance will be paid in 20 days. Sales Invoice #1. Ledger Entries: Debit: Accounts Receivable (Edward Smith) $180 (For storage fee) Debit: Cash $50 (Deposit received) Credit: Unearned Revenue (Liability) $180 (For the unearned portion of the fee) 3. Paid National Agency for February rent, $2,000. Cheque #1. Ledger Entries: Debit: Rent Expense $2,000 Credit: Cash $2,000 4. Received $2,380 from William Butler for moving services. Ledger Entries: Debit: Cash $2,380 Credit: Service Revenue $2,380 5. Charged Jack Swain $1,975 for moving services, to be paid on March 2. Sales Invoice #2. Ledger Entries: Debit: Accounts Receivable (Jack Swain) $1,975 Credit: Service Revenue $1,975 6. Paid Shell Canada for gasoline for our moving vans, $400. Cheque #2. Ledger Entries: Debit: Gasoline Expense $400 Credit: Cash $400 7. Received a cheque 1. Edward Smith to cover the
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ANSWER Trial Balance Date Insert Date Account Debit Credit Cash ... View the full answer
Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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