POSTING All amounts recorded in the journal entry are then posted to the ledger account. The T-account is a representation of an account in the ledger. Practice: The following activities occurred during The Company's first month. a. Received $60,000 cash from investors for 5,000 shares of common stock. b. Purchased equipment for use in the business at a cost of $12,000; $3,000 was paid in cash and the company signed a note for the balance (due in six months). c. Received a $350 phone bill for usage for the month, it will be paid next month. d. Provided $6,000 of services to customer Z, customer Z will pay within 30 days. e. Bought $200 of office supplies on credit. f. Customer Z paid the amount owed from transaction d. g. Rent ($1,000) and wages ($2,300) were incurred and paid to Joe at the end of the month. h. Collected $1,000 from Customer X for services to be rendered later. Record the transaction: Journal Entries (a) (b) (c) (d) (e) (f) (g) (h) Assets Cash A/R Supplies Equipment Liabilities A/P N/P Deferred Revenue Stockholders' Equity Common Stock Retained Earnings Revenue Expenses Service Revenue Phone Rent Wages