General Ledger (9 marks)

The general journal of Shelley Sylvester contained the journal entries below for the month of Jan 2019.

Date	Accounts	Debit	Credit
1 Jan	Cash at bank	850,000
	Capital		850,000
	(Owner contributes money to the business)
3 Jan	Equipment	45,000
	Accounts payable		20,000
	Bank loan		25,000
	(Purchase equipment on credit)
7 Jan	Accounts receivable	20,000
	Cash at bank	30,000
	Service revenue		50,000
	(Provide service for cash and on credit)
15 Jan	Prepaid insurance	4,500
	Cash at bank		4,500
	(Paid insurance fee in advance)
24 Jan	Wages expense	12,500
	Cash at bank		12,500
	(Paid wages expense)
30 Jan	Accounts payable	15,000
	Cash at bank		15,000
	(Paid accounts payable)

Required: Post the above transactions to the general ledger and balance each ledger account. (9 marks)

Cash at bank
Date	Explanation	Amount	Date	Explanation	Amount

Accounts receivable
Date	Explanation	Amount	Date	Explanation	Amount

Prepaid insurance
Date	Explanation	Amount	Date	Explanation	Amount

Equipment
Date	Explanation	Amount	Date	Explanation	Amount

Accounts payable
Date	Explanation	Amount	Date	Explanation	Amount

Bank loan
Date	Explanation	Amount	Date	Explanation	Amount

Capital
Date	Explanation	Amount	Date	Explanation	Amount

Service revenue
Date	Explanation	Amount	Date	Explanation	Amount

Wages expense
Date	Explanation	Amount	Date	Explanation	Amount