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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.
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