Set up T accounts, post the journal entries recorded for Ing Ltd. in BE3.8 to the general
Question:
Set up T accounts, post the journal entries recorded for Ing Ltd. in BE3.8 to the general ledger, and determine the ending balances in each account. In BE 3.8 June 1 Issued common shares to shareholders in exchange for $2,500 cash. 4 Purchased supplies on account for $250. 7 Billed J. Kronsnoble $300 for welding work done. 18 Received partial payment of $200 from J. Kronsnoble for work billed on June 7. 25 Hired a new employee to start work on July 3. 27 Received cash of $200 from Liu Controls Ltd. as a deposit for welding work to be done in July. 28 Paid for supplies purchased on June 4. 29 Paid $100 for monthly income tax installment.
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine