The CEO of newly formed Targus Company printed a copy of the company's general ledger prior to a recent plane flight. She settled into seat 7A next to where you were sitting. Once airborne, she removed the printed "GL" from her brief case and began examining the report. Unfortunately, she realized that her printer had run out of ink on the very last page. She is frustrated because she is not able to determine the company's exact profitability to date, and is on her way to a shareholder meeting where she is to issue a report on the company's progress. She happened to note that you were studying an accounting book, and asked if you might help her.

Bikash Mishra recently formed a financial services and consulting firm in Nepal. He was very busy during the first month and has not yet had an opportunity to install his computerized accounting package. But, he did understand the need to keep track of all transactions as they occurred. Following is a manual journal that he maintained for transactions occurring during January. All amounts are in the Nepalese rupee (NPR). Bikash has requested that you prepare a ledger of the company's accounts, and post these transactions to determine the balance of each account. He needs this data in order to begin the process of transitioning to his new computerized accounting system. GENERAL JOURNAL Date Page 1 Accounts 02-Jan-X5 Cash Debits Credits 1,000,000 Capital Stock 1,000,000 Bikash invested cash in exchange for stock 04-Jan-X5 Equipment 200,000 Loan Payable Purchased equipment with proceeds of loan 06-Jan-X5 Accounts Receivable 200,000 300,000 Revenues 300,000 Provided services to customers on account 07-Jan-X5 Supplies Expense 10,000 Accounts Payable 10,000 Purchased (on account) and used supplies 11-Jan-X5 Accounts Payable 10,000 Cash 10,000 Paid for purchase of Jan. 7 15-Jan-X5 Wage Expense 100,000 Cash 100,000 Paid employee GENERAL JOURNAL Date Page 2 Accounts 17-Jan-X5 Cash Debits Credits 150,000 Accounts Receivable 150,000 Collected partial payment on receivables 18-Jan-X5 Cash 180,000 Revenues 180,000 Provided services to customers for cash 20-Jan-X5 Supplies Expense 20,000 Accounts Payable 20,000 Purchased (on account) and used supplies 31-Jan-X5 Wage Expense 100,000 Cash 100,000 Paid employee 31-Jan-X5 Loan Payable Interest Expense Cash Paid off the loan with interest 200,000 2,000 202,000 CASH Date Description 01-Jan-X5 Balance forward 02-Jan-X5 Journal Page 1 Debit Credit Balance - - - 1,000,000 - 1,000,000 ACCOUNTS RECEIVABLE Date 01-Jan-X5 Description Debit Balance forward Credit - Balance - - EQUIPMENT Date 01-Jan-X5 Description Debit Balance forward Credit - Balance - - ACCOUNTS PAYABLE Date 01-Jan-X5 Description Debit Balance forward Credit - Balance - - LOAN PAYABLE Date 01-Jan-X5 Description Debit Balance forward Credit - Balance - - CAPITAL STOCK Date 01-Jan-X5 Description Debit Balance forward Credit - Balance - - REVENUES Date Description Debit Credit Balance 01-Jan-X5 - - - SUPPLIES EXPENSE Date Description Debit 01-Jan-X5 Credit - Balance - - WAGE EXPENSE Date Description Debit 01-Jan-X5 Credit - Balance - - INTEREST EXPENSE Date 01-Jan-X5 Description Debit Credit - Balance