Question
Geo Inc. had the following account balances on January 1, Year 2: Accounts Payable $ 710 Accounts Receivable 1,700 Cash 1,700 Common Stock 15,000 Equipment
Geo Inc. had the following account balances on January 1, Year 2: Accounts Payable $ 710 Accounts Receivable 1,700 Cash 1,700 Common Stock 15,000 Equipment 1,900 Note Payable 3,200 Retained Earnings 3,786 Salaries and Wages Expense 4,200 Supplies 940 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.) A. Paid $710 on account for utilities that were used during December Year 1. B. Purchased $458 of supplies for cash. C. Signed a rental agreement for office space and paid $4,900 in advance for six months of rent beginning February 1, Year 2. D. Purchased $15,000 of new equipment, signing a promissory note. E. Provided $29,500 of services. $15,000 was received in cash and $14,500 was provided on credit. F. Paid workers $6,200 for work done in January.
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