Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Date Account Titles and Explanation Debit Credit 2020 Sept. 1 100,000 100,000 4 Cash Common Stock (Stockholders invested cash in business) Equipment Cash Notes Payable
Date Account Titles and Explanation Debit Credit 2020 Sept. 1 100,000 100,000 4 Cash Common Stock (Stockholders invested cash in business) Equipment Cash Notes Payable (Paid cash down payment and signed a 5-year, 6% note for Custom Charter Bus) 152,000 52,000 100,000 8 2,200 Rent Expense Cash (Paid September rent) 2,200 15 2,400 Prepaid Insurance Cash (Paid one-year liability insurance) 2,400 18 4,300 4,300 20 1,500 Cash Charter Service Revenue (Received cash for delivery services) Salaries and Wages Expense Cash (Paid salaries for current period) Utilities Expense Accounts Payable (Received a bill for September utilities) 1,500 25 430 430 30 1,000 1,000 Dividends Cash (Paid dividends) Accounts Receivable Charter Service Revenue (Billed customer for charter services) 30 3,100 3,100 Instructions 1. Post the journal entries to the attached general ledger "T" accounts starting on the next page. If you prefer, you can create your own T accounts and turn them in instead. 2. After posting to "T" accounts, fill in the trial balance using the form provided, or if you prefer, you can create and prepare your own trial balance and turn it in instead
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started