Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

General Ledger Accounts; Trial Balance Diane Bernick opened Bernick's Consulting. Transactions and related journal entries for the month of January are shown. Jan. 1 Bernick

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
General Ledger Accounts; Trial Balance Diane Bernick opened Bernick's Consulting. Transactions and related journal entries for the month of January are shown. Jan. 1 Bernick invested cash in the business, $10,000. 2 Paid office rent, $750. 3 Purchased office equipment on account, $1,300. 5 Received cash for services rendered, $900. 8 Paid phone bill, $75. 10 Paid for a magazine subscription (miscellaneous expense), $25. 11 Purchased office supplies on account, $250. 15 Made a payment on account (see Jan. 3 transaction), $250. 18 paid part-time employee, $700. 21 Received cash for services rendered, $700. 25 Paid utilities bili, $95. 27 Bernick withdrew cash for personal use, $350. 29 Paid part-time employee, $700. Jan. 3 Office Equipment 1,300 Accounts Payable Purchased office equipment on account Jan. 5 Cash Received cash for consulting services Jan. 8 Phone Expense 75 Cash Paid phone bill Jan. 10 Miscellaneous Expense 25 Cash Purchased magazine subscription Consulting Fees 700 Received cash for consulting services Jan. 25 Utilities Expense 95 Cash Paid utilities bill Jan. 27 Diane Bernick, Drawing 350 Cash 350 Owner's withdrawal Jan. 29 Wages Expense 700 Cash 700 Paid employee 1. Post the transactions to the general ledger. \begin{tabular}{|cccccc|} \hline ACCOUNT & & Office SUpplies & & ACCOUNT NO. \\ \hline & & & & 142 \\ \hline DATE & ITEM & POST. REF. & DEBIT & CREDIT & DELANCE \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline \end{tabular} \begin{tabular}{|ccccccc|} \hline ACCOUNT & \multicolumn{3}{c}{ Rent EXpense } & & ACCOUNT NO. & 521 \\ \hline & & & & & BALANCE \\ \hline DATE & ITEM & POST. REF. & DEBIT & CREDIT & DEBIT & CREDIT \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} 2. Prepare a trial balance

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_2

Step: 3

blur-text-image_3

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

Accounting A Comprehensive Guide For Beginners

Authors: Robert McCarthy

1st Edition

1638180474, 978-1638180470

More Books

Students also viewed these Accounting questions

Question

=+ (b) Find an example in which A ,, ! A, u( A ,, ) = 00, and A = .

Answered: 1 week ago

Question

identify the main types of research studies in HRM research;

Answered: 1 week ago

Question

decide what data to gather and when;

Answered: 1 week ago