Question
Journalize the following transactions for the month of July: July 1 K. Elliot deposited $10,000 in the bank in the name of the business (Elliot
Journalize the following transactions for the month of July:
July 1 | K. Elliot deposited $10,000 in the bank in the name of the business (Elliot Company). |
2 | The business paid the monthly office rent, $500. |
3 | The business purchased office equipment on account, $1,500. |
5 | The business received consulting fees of, $750. |
18 | The business paid the monthly telephone bill, $75. |
25 | K. Elliot withdrew $200 for personal use. |
30 | The business purchased supplies for $1,000, paying $500 in cash and the rest on account. |
For a compound transaction, If an amount box does not require an entry, leave it blank.
Post the journal entries from Step 2 to the following general ledger accounts:
Assets | Liabilities | Revenue | ||
111 Cash | 221 Accounts Payable | 411 Consulting Fees | ||
115 Supplies | 512 Rent Expense | |||
124 Equipment | Owner's Equity | 515 Telephone Expense | ||
311 K. Elliot, Capital | ||||
312 K. Elliot, Drawing |
If an amount box does not require an entry, leave it blank.
The trial balance consists of a listing of account balances in two columns-one labeled Debit and one labeled Credit. The balances come from the ledger accounts. The Debits should equal the Credits.
LO3
Prepare a trial balance from the ledger accounts in Step 3. If an amount box does not require an entry, leave it blank.
K. Elliot Company | |||
Trial Balance |
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