From the following transactions for Ivanov Company for the month of November, (a) Prepare journal entries (assume
Question:
From the following transactions for Ivanov Company for the month of November,
(a) Prepare journal entries (assume that it is page 1 of the journal),
(b) Post journal entries to the ledger (use a four-column account), and
(c) Prepare a trial balance.
A partial chart of accounts includes Cash, 111; Accounts Receivable, 112; Equipment, 121; Accounts Payable, 211; M. Ivanov, Capital, 311; M. Ivanov, Withdrawals, 312; Fees Earned, 411; and Salaries Expense, 511.
202X Nov 1 6 15 18 24 28 Misha Ivanov invested $22,000 in the business. Bought equipment from Brasa Co. for $18,000 on account. Billed Cuz Co. for services rendered, $7,000. Received $5,000 cash for services rendered. Paid salary expense, $1,200. Misha withdrew $700 for personal use.
Step by Step Answer:
a b c Date 202X Nov 1 6 15 18 24 28 Account Titles an...View the full answer
College Accounting A Practical Approach Chapters 1-25
ISBN: 9780137504282
15th Edition
Authors: Jeffrey Slater, Mike Deschamps
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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