This is the trial balance of Lacey Company on September 30. The October transactions were as follows.
Question:
This is the trial balance of Lacey Company on September 30.
The October transactions were as follows.
Oct. 5 Received $1,300 in cash from customers for accounts receivable due.
10 Billed customers for services performed $5,100.
15 Paid employee salaries $1,200.
17 Performed $600 of services in exchange for cash.
20 Paid $1,900 to creditors for accounts payable due.
29 Paid a $300 cash dividend.
31 ~=Paid utilities $400.
Instructions
(a) Prepare a general ledger using T-accounts. Enter the opening balances in the ledger accounts as of October 1. (Hint: The October 1 beginning amounts are the September 30 balances in the trial balance above.) Provision should be made for these additional accounts: Dividends, ServieeRevenuea;ndS aWalgeas rEixpeensse , and Utilities Expense.
(b) Journalize the transactions, including explanations.
(c) Post to the ledger accounts.
(d) Prepare a trial balance on October 31, 2017.
Step by Step Answer:
Financial Accounting Tools For Business Decision Making
ISBN: 9781119316022
8th Edition
Authors: Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt