Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

From the following transactions for Lemoine Company for the month of July, (a) prepare journal entries (assume that it is page 1 of the

image text in transcribed

From the following transactions for Lemoine Company for the month of July, (a) prepare journal entries (assume that it is page 1 of the journal), (b) post journal entries to the ledger (use a four-column account), and (c) prepare a trial balance (Click the icon to view the transactions.) A partial chart of accounts includes Cash, 111, Accounts Receivable, 112, Equipment, 121, Accounts Payable, 211. J. Lemoine, Capital, 311; J. Lemoine, Withdrawals, 312; Fees Eamed, 411, and Salaries Expense, 511. July July Reference Date: Account Titles and Description PR Dr. Cr. 201X July 1 Cash J. Lemoine, Capital 6,000 6,000 Owner Investment J. Lemoine, Withdrawals Post. Account No. 312 Balance Date 201X Explanation Rel. Debit Credit Debit Credit 4 Equipment 1,400 Accounts Payable 1,400 Purchase of equipment on account Fees Earned Account No. 411 15 Accounts Receivable Fees Earned 8,000 8,000 Services performed on account Post. Balance Date 201X Explanation Ref. Debit Credit Debit Credit 18 Cash 4,000] Fees Earned 4,000 July Services performed for cash Salaries Expense Date 201X Explanation Post. Ref Account No. 511 Balance 24 Salaries Expanse Cash 2,200 2,200 Debit Credit Debit Credit July Salaries paid 28J Lemoine, Withdrawals Cash Owner withdrawal 600 600 Help me solve this Video Get more help- Type here to search 0 Et Print Done - X Desktop 60F Cloud

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

College Accounting

Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille

11th edition

978-1111528300, 1111528128, 1111528306, 978-1111528126

More Books

Students also viewed these Accounting questions

Question

Factor completely. p(p + 2) + p(p + 2) - 6(p + 2)

Answered: 1 week ago

Question

Under absorptions are caused by clerical errors.

Answered: 1 week ago