Geo Inc had the following account balances on January 1, Year 2 Accounts Payable $ 689 Accounts Receivable 1,000 Cash 15,000 Common Stock 10,000 Equipment 500 Notes Payable 3,000 Retained Earnings 2,911 Salaries and Wages Expense 0 Supplies 100 During January, Year 2, Geo entered into the following transactions Paid $689 on account for utilities that were used during December Year 1 Purchased $423 of supplies for cash Signed a rental agreement for office space and paid $3,500 in advance for six months of rent beginning February 1, Year 2 Purchased $15,000 of new equipment, signing a promissory note Provided $26,000 of services $17,000 was received in cash and $9,000 was provided on credit Paid workers $8,300 for work done in January Required Prepare journal entries for each of the following January activities, and post results to the relevant T accounts Compute the ending balance of each T account Beginning balances have been entered (If no entry is required for a transaction event, select No Journal Entry Required in the first account field

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Posted on Sep 16, 2024

Geo Inc. had the following account balances on January 1, Year 2: Accounts Payable $ 689 Accounts Receivable 1,000 Cash 15,000 Common Stock 10,000 Equipment

Geo Inc. had the following account balances on January 1, Year 2:


Accounts Payable	$	689
Accounts Receivable		1,000
Cash		15,000
Common Stock		10,000
Equipment		500
Notes Payable		3,000
Retained Earnings		2,911
Salaries and Wages Expense		0
Supplies		100

During January, Year 2, Geo entered into the following transactions:

Paid $689 on account for utilities that were used during December Year 1.
Purchased $423 of supplies for cash.
Signed a rental agreement for office space and paid $3,500 in advance for six months of rent beginning February 1, Year 2.
Purchased $15,000 of new equipment, signing a promissory note.
Provided $26,000 of services. $17,000 was received in cash and $9,000 was provided on credit.
Paid workers $8,300 for work done in January.

Required:

Prepare journal entries for each of the following January activities, and post results to the relevant T-accounts. Compute the ending balance of each T-account. Beginning balances have been entered. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.