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Geo Inc. had the following account balances on January 1, Year 2: Accounts Payable $ 728 Accounts Receivable 2,300 Cash 2,300 Common Stock 20,000 Equipment
Geo Inc. had the following account balances on January 1, Year 2: |
Accounts Payable | $ | 728 |
Accounts Receivable | 2,300 | |
Cash | 2,300 | |
Common Stock | 20,000 | |
Equipment | 3,100 | |
Note Payable | 4,400 | |
Retained Earnings | 4,536 | |
Salaries and Wages Expense | 4,800 | |
Supplies | 1,660 | |
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 $728 on account for utilities that were used during December Year 1. |
B. | Purchased $488 of supplies for cash. |
C. | Signed a rental agreement for office space and paid $6,100 in advance for six months of rent beginning February 1, Year 2. |
D. | Purchased $18,000 of new equipment, signing a promissory note. |
E. | Provided $32,500 of services. $16,000 was received in cash and $16,500 was provided on credit. |
F. | Paid workers $7,400 for work done in January. |
2.300 2.300 Beg. Bal Beg. Bal End Bal End Bal Rent Beg Bal Beg Bal 1,660 End Bal End. Bal Beg Bal Beg Bal 3.100 728 End. Bal End. Bal Stock Beg Bal Beg. Bal 20.000 4400 End Bal End Bal Beg Bal Beg. Bal 4536 End Bal End. Bal
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