162-163 / 826 ounting Principles Workbook (Student... pages: The Accounting de Journal and Ledges C4 Case Study CS- 101234567 Renu Mawan has been operating her own interior design business called Mawani interiors for a couple of years. The following transactions occurred in March 2018 Mar 2 Pald cash of $2,000 for Marchs office rental Mar Renu invested 57,000 cash into the business Mar 4 Purchased equipment on account for 50.000 Mar 6 Received $2.000 cash from a client that owed the company for last month's services Mar 8 Purchased office supplies using $370 cash Mar 10 Paid 56.900 cash for a consulting invoice received and recorded last month Mar 13 Completed work for a client and the client paid $2.900 cash Mar 15 Prepaid $1.800 cash for a one-year insurance policy Mar 16 Completed work for a client, who will pay $3,200 next month Mar 20 Discovered that an error was made on the transaction recorded on Mar 4 the equipment cost 58.800, not $8.000 Mar 23 Received a 56,000 cash deposit from a client for work to be completed in the next few months Mar 29 Received utility bills for $410 to be paid next month Mar 29 Signed a notes payable to borrow $12.000 from the bank Mar 30 Renu withdrew 53,000 cash for personal use Mar 31 Paid $18.000 cash for employee salaries Required Below is the list of account names that the company uses and their respective opening account balances as at the beginning of March for each of the accounts. Identify the account category assets abilities, owner's capital owner's withdrawals revenue or expenses and input the opening account balance in the debitor credit column based on the side of its normal balance. The answers have been filed in for the accounts payable account as an example. Be sure to total both the debit and credit sides. Hints of your answers are corect, the total debit will be equal to the total credit) Account Name Balance Account Category Debit Credit Accounts Payable 6900 Lubles Accounts Receivable 6,900 5.400 2.200 11.000 12.500 0 01 2000 0 ne pense 0 0 0 0 o uspense Total 0 K 162 The Accounting Cycle Journals and Ledgers Chapter 4 b) Identify the steps in the accounting cycle that need to be done repeatedly during the accounting period before the trial balance can be prepared at the end of the accounting period. c) Record all of March's transactions in the journal and post them to the ledger. The account number can be found on the top right corner of each account's ledger Date Account Title and Explanation PR Debit Credit 95 pages: 164 - 165 / 826 -inciples Workbook (Student... The Accounting Cyde: Journals and Ledgers Chapter 4 PR Debit Credit Date Account Title and Explanation
