Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone help me with creating a General Ledger using the following information? Please show the formulas to enter into excel columns wherever needed. Date

Can someone help me with creating a General Ledger using the following information? Please show the formulas to enter into excel columns wherever needed.

Date

Account Titles

Debit

Credit

3-Oct

Equipment

$3,456

Cash

$3,456

(To record purchase of Equipment)

5-Oct

Accounts Receivables

$34,567

Service Revenue

$34,567

(Being customers billed for services provided)

6-Oct

Accounts Payable

$700

Cash

$700

(Being partial payables paid off)

7-Oct

Prepaid Legal Expenses

$1,200

Cash

$1,200

(Being retainer fees paid)

11-Oct

Electricity Expense

$615

Electricity Payable

$615

(Being electricity bill received and due)

11-Oct

Cash

$10,000

Accounts Receivables

$10,000

(Being cash received from debtors)

11-Oct

Telephone Expenses

$350

Telephone Payable

$350

(Being telephone bill received and due)

12-Oct

Electricity Payable

$615

Cash

$615

(Being electricity bill paid)

14-Oct

Cash Dividends

$4,800

Dividends Payable

$4,800

(Being cash dividends declared)

17-Oct

Legal Expenses

$800

Prepaid Legal Expenses

$800

(Being legal expenses adjusted)

18-Oct

Dividends Payable

$4,800

Cash

$4,800

(Being dividends paid)

25-Oct

Investment in shares of Company C

$30,000

Cash

$30,000

(Being 15000 shares acquired)

31-Oct

Supplies Expense

$550

Supplies

$550

(Being supplies Expense recorded)

31-Oct

Depreciation Expense

$87.67

Accumulated Depreciation

$87.67

(Being one month depreciation on equipment charged)

31-Oct

Cash Dividends

$75,000

Cash

$75,000

(Being dividends paid)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions