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35. Recording and Posting Transactions (LO 3.3 &- 3.4) The following transactions took place during the first two weeks of operations of Not So Taxing,
35. Recording and Posting Transactions (LO 3.3 &- 3.4) The following transactions took place during the first two weeks of operations of Not So Taxing, Inc., a walk-in tax preparation service. Mar. 2 Issued common stock of the corporation in exchange for $200,000 cash. Mar. 3 Purchased $4,000 of supplies on account from Kidd Supply Company. Mar. 4 Paid $3,000 of office rent for March. Mar. 5 Completed tax work for Mr. East and billed him $650. Mar. 6 Received a total of $7,400 from customers for services provided during the week. Mar. 9 Received a $1,000 advance from Mr. West for tax services that have not yet been provided. 37. Mar. 10 Placed a telephone order for a $550 laser printer. Mar. 11 Paid $1,200 to Kidd Supply Company. Mar. 12 Received $450 from Mr. East. Mar. 13 Paid an employee $790 for two weeks work. Mar. 13 Received $3,700 cash from customers for ser- vices provided during the week. Required: (a) Enter the transactions into the general journal. (b) Post the transactions to the general ledger and calcu- late balances for each account. Verify that the ledger is in balance
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