Question
Please assist with the following question. GENERAL LEDGER ACCOUNTS Set up T accounts for each of the general ledger accounts needed for the transactions below
Please assist with the following question.
GENERAL LEDGER ACCOUNTS Set up T accounts for each of the general ledger accounts needed for the transactions below and post debits and credits to the accounts. Foot the accounts and enter the balances. Prove that total debits equal total credits.
Assets = Liabilities + Equity
1. Invested cash in the business, $5,000.
2. Paid office rent $500.
3. Purchased office supplies on account, $300
4. Received cash for services rendered (fees), $400.
5. Paid cash on account, $50.
6. Rendered services on account, $300.
7. Received cash for an amount owed by a customer, $100.
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