Ann Taylor owns a suit tailoring shop. She opened business in September. She rented a small work
Question:
Ann Taylor owns a suit tailoring shop. She opened business in September. She rented a small work space and has an assistant to receive job orders and process claim tickets. Her trial balance shows her account balances for the first two months of business.
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Taylor's transactions for November are as follows:
Nov. 1 Paid rent, $300.
2 Purchased tailoring supplies on account, $150.
3 Purchased a new button hole machine on account, $300.
5 Earned first week's revenue, $400: $100 in cash and $300 on account.
8 Paid for newspaper advertising, $13.
9 Paid telephone bill, $28.
10 Paid electric bill, $21.
11 Received cash on account from customers, $200.
12 Earned second week's revenue, $450: $200 in cash and $250 on account.
15 Paid assistant, $400.
16 Made payment on account, $100.
17 Paid for magazine subscription (miscellaneous expense), $12.
Nov. 19 Earned third week's revenue, $450: $300 in cash, $150 on account.
23 Received cash on account from customers, $300.
24 Paid for newspaper advertising, $13.
26 Paid for postage (miscellaneous expense), $12.
27 Earned fourth week's revenue, $600: $200 in cash and $400 on account.
30 Received cash on account from customers, $400.
REQUIRED
1. Set up general ledger accounts by entering the balances as of November 1, 20--.
2. Journalize the transactions for November in a two-column general journal. Use the following journal page numbers: November 1–11, page 7; November 12–24, page 8; November 26–30, page 9.
3. Post the entries to the general ledger.
4. Prepare a trialbalance.
Step by Step Answer:
2 For 1 and 3 1 and 3 20 Nov 2 3 4 S 6 8 9 10 11 12 13 14 15 16 17 18 19 20 24 2...View the full answer
