Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

$ 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Handbook Of Energy Audits

Authors: Albert Thumann, William J. Younger

6th Edition

0824709985, 978-0824709983

More Books

Students also viewed these Accounting questions