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how do you put the journal entries into ledger accounts. 3-5 = Post the journal entries from your answers in Problems 3-1 to 3-4. You
how do you put the journal entries into ledger accounts.
3-5 = Post the journal entries from your answers in Problems 3-1 to 3-4. You will have to create a ledger with accounts before you post the entries. Compute the balance in each account. 3-6 = Prepare a trial balance using the ledger accounts that you created in Problem 3.5. Check that the sum of the debits equals the sum of the credirs. If they are not equal, check that the journal entries in Problems 3-1 to 3-4 were posted correctly and that the balances in the accounts were computed correctly in Problem 3-5. Finally, make sure that the correct balances have been copied to the correct column in the trial balance. PROBLEMS 3-1 = Complete the journal entries for the following financing trintactions involving owners: a. A farmer contributes her personal computer, wotth $1,000, to her farm business. b. A farmer pays a personal credit card debe for $200 with eash eamad by the farm business. c. A farmer deposits $350 from a garage sale of personal items into the farm checking account. d. A farmer receives $10,000 from a relative's estate sale for use in his farm business. C. A farmer pays $100 for groceries with the farm checking account. f. Ucilities of $65 for the farmer's house is paid with a check from the farm checking account: 3-2 = Complete the joumal entries for the following financing transactions involv. ing nonowners. a. A farmer borrows $5,000 from the local bank for operating expenses. b. A farmer makes a payment of $3,500 in interest and $10,000 in principal on a real estate loan c. A farmer gets a loan from a relative for $1,000 for use in the farm business: d. The farmer in (c) pays back the relative without interest: 3-3 Complete the joumal entries for the following investing tansactions. 2. A farmer buys a tract of land for $50,000. b. A farmer leases a tractor that is worth $50,000 and will own the tractor at the end of the lease. c. A farmer builds a shed for $7,000. d. A farmer buys five cows for $6,000. c. A farmer sells a parcel of land to a local municipality for $36,000. The original cose of the land was $36,000. 3-4 = Complece the joumal entries for the following operating transactions. 2. A farmer buys feed for $800. b. A farmer sells feeder calves for $118,000. c. A farmer buys supplies for the orchard for $36. d. A farmer pays the $350 veterinary bill. c. A farmer sells grain for $102,000. f. A farmer culls his cow herd and sells the cows for $3,000 Step by Step Solution
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