I.

Journalize the following transactions and then post to the T accounts using the following: Chart of Accounts: [Note: Not all the accounts need to be used]

101 Cash & Cash Equivalents

102 Accounts Receivable

103 Notes Receivable

104 Interest Receivable

105 Investments - Trading

106 Prepaid Office Supplies

107 Prepaid Insurance

108 Prepaid Rent

109 Office Equipment

110 Long Term Investments

120 Vehicles

121 Building

122 Land

201 Accounts Payable

202 Unearned Income

203 Salaries Payable

209 Notes Payable [Short term]

210 Portion of LT Debt Due in One Year

220 Notes Payable [Long term]

221 Bank Loan [LT]

222 Bonds Payable

301 Capital Account

302 - Withdrawals

401 Design Service Revenue

402 Misc. Revenue

501 Salaries Expense

502 Selling Expense

503 Insurance Expense

504 Rent Expense

505 Utilities Expense

506 Internet, Telephone, Cable Expense

507 Charitable Contribution Expense

508 Advertising Expense

509 Equipment Rental Expense

510 Depreciation Expense

511 Vehicle Expense (gas, oil, repairs)

512 Misc. Expense

01 Sept: A,B&C Designers was established on 01 Sept. The owner, Ndege invested $85,000 in cash.

01 Sept: Ndege invested office equipment valued at $9,000 and a vehicle valued at $37,000.

02 Sept: Ndege purchased land valued at $15,000 and a building valued at $60,000. Those purchases were made partly with $20,000 cash and a long-term note payable for $55,000. (debit and credit these 4 accounts exactly for the amounts listed.)

08 Sept: Ndege purchased $3,000 of additional office equipment with a short-term note payable.

12 Sept: Ndege paid $2,500 cash salary to an employee.

13 Sept: Ndege paid $1,675 cash for this months utilities.

15 Sept: Ndege paid $570 on the $3,000 of additional equipment she had purchased on account on 08 Sept.

17 Sept: Ndege performed $7,500 of design services and received $5,000 in cash and the rest will be paid later.

19 Sept: Ndege received $9,000 for services to be rendered next month.

20 Sept: Ndege received $500 in cash as partial payment on the amount owed to her for services rendered on 17 Sept.

25 Sept: Ndege performed designed services for $3,500 and received a 90-day note from the customer instead of cash.

29 Sept: Ndege withdrew $7,000 for personal use.

30 Sept: Ndege pays $7,000 for advertising with cash.

30 Sept: Ndege pays $1,000 in cash for gas and oil and minor repairs on her vehicle.