Question
Fife & Company, a public corporation offering accounting services to low income clients has the following transactions in their second year of business. Jan 4
Fife & Company, a public corporation offering accounting services to low income clients has the following transactions in their second year of business.
| Jan 4 | Organization Costs | 24,000 |
| Common Stock | 24,000 | |
| Jan 5 | Cash | 65,000 |
| Common Stock | 65,000 | |
| Jan 8 | Prepaid Rent | 2,800 |
| Cash | 2,800 | |
| Jan 12 | Office Equipment | 8,000 |
| Accounts Payable | 3,750 | |
| Cash | 4,250 | |
| Jan 17 | Cash | 19,000 |
| Accounts Receivable | 4,000 | |
| Service Revenue | 23,000 | |
| Jan 25 | Supplies | 6,500 |
| Accounts Payable | 6,500 |
Post the journal entries to the ledger and show the ending balance in each ledger account.
| Beg. Bal. | 39,000 |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 | |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 | |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 | |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 | |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 |
| Beg. Bal. | 21,000 |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 | |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 | |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 |
| Beg. Bal. | 2,000 |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 | |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 | |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 |
| Beg. Bal. | 0 |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 | |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 | |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 |
| Beg. Bal. | 9,000 |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 | |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 | |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 |
| Beg. Bal. | 0 |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 | |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 | |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 |
| Beg. Bal. | 14,000 |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 | |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 | |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 |
| Beg. Bal. | 12,000 |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 | |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 | |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 |
| Beg. Bal. | 0 |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 | |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 | |
| Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25 |
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
Payroll Accounting 2018
Authors: Jeanette Landin, Paulette Schirmer
4th edition
1260005127, 1259742514, 1260005165, 126000516X, 978-1259742514
