Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Geo, Incorporated had the following account balances on January 1, Year 2: Accounts Payable Accounts Receivable Cash Common Stock Equipment Notes Payable Retained Earnings Salaries

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Geo, Incorporated had the following account balances on January 1, Year 2: Accounts Payable Accounts Receivable Cash Common Stock Equipment Notes Payable Retained Earnings Salaries and Wages Expense Supplies $ 719 2,000 2,000 20,000 2,500 3,800 4,161 4,500 1,300 During January, Year 2, Geo entered into the following transactions: A. Paid $719 on account for utilities that were used during December, Year 1. B. Purchased $473 of supplies for cash. C. Signed a rental agreement for office space and paid $5,500 in advance for six months of rent beginning February 1, Year 2. D. Purchased $16,500 of new equipment, signing a promissory note. E. Provided $31,000 of services. $15,500 was received in cash and $15,500 was provided on credit. F. Paid workers $6,800 for work done in January. Required: Prepare journal entries for each of the above January activities, and post results to the relevant T-accounts. Compute the ending balance of each T-account. Be sure to enter beginning balances. Journal entry worksheet 1 2 3 4 5 6 Record the entry to pay $719 on account for December's utilities. Note: Enter debits before credits. Transaction General Journal Debit Credit A Record entry Clear entry View general journal Cash Accounts Receivable Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Supplies Prepaid Rent Debit Credit Credit Debit Beginning Balance Beginning Balance Ending Balance Ending Balance Equipment Accounts Payable Credit Credit Debit Beginning Balance Debit Beginning Balance Ending Balance Ending Balance Notes Payable Common Stock Debit Credit Credit Debit Beginning Balance Beginning Balance Ending Balance Ending Balance Retained Earnings Service Revenue Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Salaries and Wages Expense Debit Credit Beginning Balance Ending Balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fair Value Measurement Practical Guidance And Implementation

Authors: Mark L. Zyla

3rd Edition

1119191238, 9781119191230

More Books

Students also viewed these Accounting questions