Question
On July 1, 2010, ABC co. had a cash balance of $10 000.During July the following summary transactions were completed. 1. Received $1,200 cash from
On July 1, 2010, ABC co. had a cash balance of $10 000.During July the following summary transactions were completed.
1.Received $1,200 cash from customers on account.
2.Received $2,400 cash for services performed in July.
3.Purchased store equipment on account $3,000.
4.Paid cash $ 2000 for a one year insurance policy.
5.Purchased supplies on account $1,200.
6.Paid creditors $4,400 on account.
7.Performed services on account and billed customers for services provided $1,500.
8.Signed a contract with Alex company to buy furniture of $2 000 next month.
9.Received $800 from customers for future service.
10.Paid salaries of $ 5 000.
11.Rent of $400 was unpaid at July 31.
Required:
(a) Journalize the transactions.
(b) Post to the cash ledger account.
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