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Post the transaction to the ledger. Your general ledger cash balance uses a full ledger sheet; use the T Chart for all other account Borrowed
Post the transaction to the ledger. Your general ledger cash balance uses a full ledger sheet; use the T Chart for all other account
- Borrowed $49,000 from the bank and signed a notes payable in the name of the business
- Paid cash of $26,500 to acquire land
- Performed customer service and earned revenue on account, $5,560
- Performed service for a customer and received cash of $5,800
- Purchased supplies on account, $350
- Paid $3,575 on accounts payable
- Paid cash expense for salaries ($4,500) and rent ($2,500); make a compound entry
- Received $3,300 on account
- Pays $900 in cash for a 3-month auto insurance
- Received a $255 utility bill that will be paid next week
- Harper withdrew cash of $5,575
- Paid maintenance expense of $23
- Received $1,500 cash from a customer for 3 months of service
- Employees are paid $2,250 every Friday for a 5-day work week. April 30, 2021 is a Wednesday.
- Record use of 1 months prepaid auto insurance ($900 for 3 months).
- On April 30, 2021, the supplies on hand is $45 (On April 1, 2021 it was $350).
- Depreciation for the current month includes equipment ($750) and trucks ($450). Make a compound entry.
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