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Can someone help me properly post these journal entries to a general ledger? But we need to post it as a T-Account, I'm including what
Can someone help me properly post these journal entries to a general ledger? But we need to post it as a T-Account, I'm including what I did, but it doesn't seem right. Please help! Thank you! Pictures are sequential from top to bottom.
$ 150,000 Daily Entries 1-Jan Cash Common stock Capital in excess of par - Common stock (to record issue of common stock) $ $ 20,000 130,000 $ 10,800 2-Jan Furniture & Fixture Cash (to record purchase of Furniture) $ 10,800 $ 1,200 4-Jan Office Supplies Cash (to record purchase of supplies) $ 1,200 $ 27,000 15-Jan Prepaid Rent Cash (to record one year rent paid) $ 27,000 $ 2,700 31-Jan Salaries Cash (to record salary paid to employees) $ 2,700 $ 46,800 1-Feb Inventory Account Payable (to recod purchase of inventory) $ 46,800 $ $ 50,000 1-Feb Cash Note Payable - short term Note Payable - Long term (to record borrowing of loan) $ $ 20,000 30,000 $ $ 5,400 3,600 6-Feb Accounts Receivable Cost of Goods Sold Inventory Sale Revenue (to record sale of inventory) $ $ 3,600 5,400 $ $ 37,500 9-Feb Accounts Payable Cash (to record cash paid) $ 37,500 $ $ 59,400 35,640 20-Feb Cash Cost of Goods sold Inventory Sales revenue (to record sale of inventory) $ $ 35,640 59,400 $ 7,500 23-Feb Inventory Accounts Payable (to record purchase of inventory) $ 7,500 $ 3,150 28-Feb Salaries Cash (to record salary paid) $ 3,150 $ $ 9,000 7,200 1-Mar Notes Receivable Cost of Goods Sold Inventory Sale (to record sale of inventory) $ $ 7,200 9,000 D E $ $ C 5,400 3,240 A B 3-Mar Sale Return & Allowance Inventory Cost of Goods Sold Cash (to record return of inventory by customer) $ $ 3,240 5,400 $ $ 10,800 23-Mar Accounts Payable Cash (to record cash paid) $ 10,800 $ 4,500 25-Mar Cash Accounts Receivable (to record cash received) $ 4,500 $ 2,000 30-Mar Dividend Cash (to record dividend paid) $ 2,000 $ 525 Adjusting Entries 31-Mar Supplies Expense office supplies (to record supplies used) $ $ 525 $ $ 450 31-Mar Depreciation - Furniture Accumulated depreciation - Furniture (to record depreciation on furniture) $ $ 450 $ 3,500 31-Mar Salaries Salaries payable (to record accrued salary) $ 3,500 C D $ 150 B 31-Mar Allowance for Doubtful Accounts accounts receivable (to record written off account receivable) $ 150 $ $ 5,625 31-Mar Rent Expense Prepaid Rent (to record rent expense) $ 5,625 $ $ 383 31-Mar Interest expenses Interest payable (to record interest on note payable) $ $ 383 $ 2,007 31-Mar Income Tax Expense Income tax payable (to record income tax expense) $ $ 2,007 Closing Entries $ $ 73,800 31-Mar Sales Revenue Income Summary (to close revenue account) $ 73,800 A B B D Closing Entries $ 73,800 31-Mar Sales Revenue Income Summary (to close revenue account) $ 73,800 $ $ 66,707 43,200 525 31-Mar Income Summary Cost of Goods Sold Supplies Expenses Rent Expenses Depreciation Expenses Salaries Expenses Allowance for Doubtful Accounts Sales Return & Allowances Income Tax Expenses (to close expenses accounts) $ $ $ $ $ $ $ $ 5,625 450 9,350 150 5,400 2,007 $ 7,093 31-Mar Income summary Retained Earning (to close income summary) $ 7,093 A D B General Ledger (T-Accounts) 1 1 N 3 Date $ 4 5 6 7 8 4 5 6 7 8 9 10 10,800 1,200 27,000 2,700 $ Cash 150,000 $ $ $ $ 50,000 $ 59,400 $ $ $ 4,500 37,500 11 $ 3,150 5,400 10,800 $ $ 2,000 100,550 12 13 14 15 16 17 18 19 20 21 22 23 24 25 $ $ 263,900 $ 163,350
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