PIONEER ADVERTISING AGENCY Chart of Accounts Assets Owner's Equity 101 Cash 301 Owner's Capital 112 Accounts Receivable 306 Owner's Drawings 126 Supplies 350 Income Summary 130 Prepaid Insurance 157 Equipment Revenues 158 Accumulated Depreciation Equipment 400 Service Revenue Liabilities Expenses 200 Notes Payable 631 Supplies Expense 201 Accounts Payable 711 Depreciation Expense 209 Unearned Service Revenue 722 Insurance Expense 212 Salaries and Wages Payable 726 Salaries and Wages 230 Interest Payable Expense 729 Rent Expense 732 Utilities Expense 905 Interest Expense H2 X fx A J 6 B D E F G H 1 Journal, Ledger, Trial Balance 2 Part 1: The Journal and Ledger 3 4 Instructions: 5 1. Journalize January's business transactions in the General Journal using the transactions below. (You will create account numbers for each account. Use the Chart of Accounts example in Illustration 2-18 in Chapter 2 of your textbook as a guide.) 7 2. Post the January transactions to the General Ledger. 8 (Use Illustation 2-29 & 2-30 in Chapter 2 of your textbook as a guide.) 9 10 Mr. Smith opened a bookstore on January 1, 2017. During the first month of operations, the following business transactions occurred. 11 12 Jan 1 Mr. Smith invested $10,000 cash in the business. 13 4 The company paid $1,200 for rent in January. 14 8 Mr. Smith withdrew $1,000 for personal use. 15 11 Purchased equipment for $5,000, paying $2,500 in cash and $2,500 on credit. 16 15 Paid $500 for a one-year insurance policy. al 17 16 Received a $150 bill for advertising. 18 20 The company signed a note payable for equipment for $7,000. 19 30 Mr. Smith determined that receipts for services for the month of January were $15,000. 20 21 **The January 1 transaction for the General Journal and General Ledger has been recorded for you. Complete the rest of transactions for January.** 22 GENERAL JOURNAL 23 Date Account Titles Ref (Acct #) Debit Credit 24 2017 25 Jan 1 Cash 26 27 28 29 30 31 32 33 34 35 Part 1 Part 2 + + 100%