Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Geo Inc. had the following account balances on January 1, Year 2: 737 Accounts Payable Accounts Receivable Cash Common Stock Equipment Notes Payable Retained Earnings
Geo Inc. had the following account balances on January 1, Year 2: 737 Accounts Payable Accounts Receivable Cash Common Stock Equipment Notes Payable Retained Earnings Salaries and Wages Expense Supplies $ 2,600 2,600 25,000 3,700 5,000 4,911 5,100 2,020 A. Paid $737 on account for utilities that were used during December Year 1. B. Purchased $503 of supplies for cash. C. Signed a rental agreement for office space and paid $6,700 in advance for six months of rent beginning February 1, Year 2. D. Purchased $19,500 of new equipment, signing a promissory note. E. Provided $34,000 of services. $16,500 was received in cash and $17,500 was provided on credit. F. Paid workers $8,000 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.) Complete this question by entering your answers in the tabs below. General Journal T Accounts Prepare journal entries for each of the following January activities. (If no entry is required for a transaction/event, select "No Journal General Journal T Accounts Prepare journal entries for each of the following January activities. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the entry to pay $737 on account for December's utilities. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the entry for $503 of supplies bought for cash. Note: Enter debits before credits. Transaction General Journal Debit Credit B Record entry Clear entry View general journal Journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started