financial accounting

Exercise 3.3 (Static) Relationship between Journal and Ledger Accounts (LO3-2, LO3-3, LO3-4, LO3-5) Transactions are first journalized and then posted to ledger accounts. In this exercise, however, your understanding of the relationship between the journal and the ledger is tested by asking you to study some ledger accounts and determine the journal entries that probably were made to produce these ledger entries. The following accounts show the first six transactions of Avenson Insurance Company Nov. 1 Nov. 8 Land 84.ee Building 78,320 Nov. 8 Cash 144,000 Nov. 8 Nov. 25 Nov. 30 office Equipment 3,840 Nov. 21 40,320 14,400 1,688 Nov. 15 576 Nov. 3e Vehicles 11,280 Nov. 25 Notes Payable 14,488 Nov. 8 Nov. 30 114,038 9,600 Nov. 21 Accounts Payable 576 Nov. 15 3,840 Capital Stock Nov. 1 144,000 Prepare a journal entry for each transaction. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) View transaction list Journal entry worksheet