Problem 10-1: Journalize and post transactions. On November 1, XXX1, Harry Simmons opened a tailor shop. His business had a number of transactions during the month of November. The General Ledger accounts were set up from the following chart of accounts. Using the chart of accounts below, complete the following activities for Henry Simmons: a. Journalize the transactions. b. Post the transactions to the ledger accounts. Note: After posting, check your accuracy by calculating the balance of each general ledger account and entering each balance in the two-column form at the end. Remember, the debit balances must equal the credit balances, or you know you have made an error. Even when the debits and credits balance, it does not guarantee that you have made no errors; you can still have an error that it doesnt indicate (i.e., like debiting the wrong account, posting the same wrong amount to both accounts, not posting an entire entry, etc.). However, if they equal, it usually means that you have not made a lot of errors. Account Number Account Name 111 Cash 112 Accounts Receivable - Brent 114 Supplies 118 Equipment 211 Accounts Payable - Rose 311 Harry Simmons, Capital 312 Harry Simmons, Drawing 411 Income 511 Advertising Expense 512 Rent Expense 513 Repairs Expense 514 Utilities Expense November 1 Mr. Simmons deposited $10,000 cash in the Rockwall Bank to open the business. November 3 He paid $225 cash for rent for the month. November 5 He bought equipment worth $750 from Rose, Inc.; he paid $250 cash and charged $500 on account. November 6 He bought supplies for $150 cash. November 6 Mr. Simmons received income for the week of $215 in cash. November 10 He paid $30 cash for advertisement in local paper. November 12 Mr. Simmons received income for the week of $285 in cash. November 14 He paid $40 cash for utilities expense. November 15 He paid Rose $50 cash on account. November 20 He paid $25 cash for equipment repairs. November 23 He paid Rose $50 cash on account. November 30 He withdrew $175 cash from the business for personal use. November 30 Mr. Simmons sent a bill for services rendered to John Brent for $150.

EX:

Cash Account No. 111
DATE		EXPLANATION	REF.	DEBIT	DATE		EXPLANATION	REF.	CREDIT

Account Receivable - Brent Account No. 112
DATE		EXPLANATION	REF.	DEBIT	DATE		EXPLANATION	REF.	CREDIT