On June 1, 20X1, Zenna Brown opened the Leadership Coaching Agency. She plans to use the chart of accounts given below.

INSTRUCTIONS

1. Journalize the transactions. Be sure to number the journal pages and write the year at the top of the Date column. Include a description for each entry.

2. Post to the ledger accounts. Before you start the posting process, open the accounts by entering the account names and numbers in the headings. Using the list of accounts below, refer to Chapter 3, Figure 3.8, Chart of Accounts, and assign appropriate account numbers and place them in the correct order in the ledger.

3. Prepare a trial balance.

4. Prepare the income statement.

5. Prepare a statement of owner’s equity.

6. Prepare the balance sheet. 

Table Summary: 

A list of accounts is shown in seven rows and two columns.

Table Summary: 

Table has transaction dates from the month of June in first column and a description of the transactions in the second column.

Analyze:

How many postings were made to the Cash account?

Transcribed Image Text:

ACCOUNTS Cash Accounts Receivable Fees Income Supplies Office Furniture Zenna Brown, Drawing Advertising Expense Rent Expense Recording Equipment Salaries Expense Accounts Payable Telephone Expense Zenna Brown, Capital Utilities Expense