Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On October 1, 20x1, Helen Kennedy opened an advertising agency. DATE TRANSACTIONS Oct. 1 Helen Kennedy invested $57,000 cash in the business. 2 Paid October

image text in transcribed
image text in transcribed
On October 1, 20x1, Helen Kennedy opened an advertising agency. DATE TRANSACTIONS Oct. 1 Helen Kennedy invested $57,000 cash in the business. 2 Paid October office rent of $2,850; issued Check 1001. 5 Purchased desks and other office furniture for $14,700 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days. 6 Issued Check 1002 for $3,050 to purchase art equipnent. 7 Purchased supplies for $1,400; paid with Check 1003 10 Issued Check 1004 for $570 for office cleaning service. 12 Performed services for $3,950 in cash and $1,750 on credit. (Use a compound entry) 15 Returned damaged supplies for a cash refund of $370. 18 Purchased a computer for $2,850 from Office Furniture Mart, Inc., Invoice 7108; issued Check 1005 for a $1,675 down payment, with the balance payable in 30 days. (Use one compound entry.) 20 Issued Check 1006 for $7,350 to office Furniture Mart, Inc., as payment on account for Invoice 6704 26 Performed services for $4,250 on credit 27 Paid $310 for monthly telephone bill, issued Check 1007. 30 Received $3,550 in cash from credit customers. 30 Mailed Check 1008 to pay the monthly utility bill of $385. 30 Issued Checks 1009-1011 for $7,850 for salaries. Required: 1. Journalize the above transactions. 2. Post the above transactions to the ledger accounts. Analyze: What is the balance of account 202 in the general ledger? Complete this question by entering your answers in the tabs below. General Ledger Anakre General Journal Ledger Accounts Analyze Journalize the above transactions. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 15 Helen Kennedy invested $57,000 cash in the business. Note: Enter debits before credits General Journal Debit Credit Date Oct 01, 20x1 Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing and Assurance Services A Systematic Approach

Authors: William Messier, Steven Glover, Douglas Prawitt

9th edition

1308361491, 77862333, 978-1259248290, 9780077862336, 1259162346, 978-1259162343

More Books

Students also viewed these Accounting questions

Question

S={a} Hustrate crimisaleorithm

Answered: 1 week ago

Question

Write a program to check an input year is leap or not.

Answered: 1 week ago

Question

Write short notes on departmentation.

Answered: 1 week ago

Question

What are the factors affecting organisation structure?

Answered: 1 week ago

Question

What are the features of Management?

Answered: 1 week ago

Question

Briefly explain the advantages of 'Management by Objectives'

Answered: 1 week ago

Question

Learn about HRM development in Poland in recent years.

Answered: 1 week ago