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Hi i need to know how to do this question in financial accounting PR 2-6A Journalizing and posting Unadjusted trial balance On September 1, 2015,
Hi i need to know how to do this question in financial accounting
PR 2-6A Journalizing and posting Unadjusted trial balance On September 1, 2015, Colton Davies established an organizing business, Get Rid of It. During the month, Colton completed the following transactions Sep. 1. Colton deposited money into the business bank account, from his pocket, $300 3. Colton borrowed S15,000 from his mother. She said that the company can owe her for the whole amount 6. Colton purchased a one-year insurance policy, $1,200 10. Recorded jobs completed but not yet paid and sent invoices to customers, $8,600 12. Purchased a digital pocket camera on his own credit card as a gift for a relative in China, $750 12. Received cash for a job to be started next month, $1,000 20. Paid miscellaneous expenses, $315 24. Received cash from customers on account, $3,600 30. Paid wages of employees, $2,400 Instructions 1. Journalize each transaction in a two-column journal, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Explanations may be omitted 1010 Cash 1020 Accounts Receivable 1050 Prepaid Insurance 2020 Unearned Deposit 2030 Loan Payable 3010 4010 5010 5090 Colton Davies, Capital Fees Earned Wages Expense Miscellaneous Expense 2. Post the journal to a ledger of three-column accounts, inserting appropriate posting references as each item is posted Extend the balances after each transaction is posted, and note whether the balance is a debit or credit 3. Prepare an unadjusted trial balance as at September 30, 2015 3. Total of Debit column: $24,900Step by Step Solution
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