Question
The May 31, 20XX, post-closing trial balance for the L&L Accounting Firm appears below. During June, the firm engaged in the following transactions: 1 Received
The May 31, 20XX, post-closing trial balance for the L&L Accounting Firm appears below.
During June, the firm engaged in the following transactions:
1 Received an investment of cash from J. Long, $8,000.
3 Purchased office equipment with cash, $2,000.
4 Received office equipment transferred to the firm from J. Long, $1,800
7 Purchased extra office supplies with cash, $190
9 Completed bookkeeping services for Elliott Electric Company that amounted to $1,400
10 Paid the receptionist in cash for two weeks wages, $1,600
13 Paid the amount due to Office Depot for the office equipment purchased last month, $750
14 Accepted an advance in cash for services to be done for a new client, $2,200
15 Purchased a copier (office equipment) from Office Depot for $2,400, paying $400 in cash and agreeing to pay the rest in equal amounts over the next six months.
16 Performed consulting services and received a cash fee, $1,650.
17 Received payment on account from Sallys Salon for services performed last month, $3,200.
18 Paid amount due for the telephone bill that was received and recorded at the end of May, $260.
19 Performed consulting services for Sallys Salon and agreed to accept payment next month, $4,600.
20 Performed bookkeeping services for cash, $780.
23 Received and paid the utility bill for June, $340.
24 Paid the secretary for two weeks wages, $1,600.
27 Paid the rent for July in advance, $2,000.
28 Received the telephone bill for June, which is to be paid next month, $220.
30 Paid cash to J. Long as a withdrawal for personal expenses, $1,750.
With information provided above, how would I go about filling out this General Ledger for liability?
May' Closing balance is $20,700
| General Ledger | ||||||||||||||||||
| Liabilities | ||||||||||||||||||
| Accounts Payable | Account No. 212 | |||||||||||||||||
| Post. | Balance | |||||||||||||||||
| Date | Item | Ref. | Debit | Credit | Debit | Credit | ||||||||||||
| 20xx | ||||||||||||||||||
| Balance | ||||||||||||||||||
| June | ||||||||||||||||||
| Unearned Consulting Fees | Account No. 213 | |||||||||||||||||
| Post. | Balance | |||||||||||||||||
| Date | Item | Ref. | Debit | Credit | Debit | Credit | ||||||||||||
| 20XX | ||||||||||||||||||
| Balance | ||||||||||||||||||
| June | ||||||||||||||||||
| Wages Payable | Account No. 214 | |||||||||||||||||
| Post. | Balance | |||||||||||||||||
| Date | Item | Ref. | Debit | Credit | Debit | Credit | ||||||||||||
| 20XX | ||||||||||||||||||
| Balance | ||||||||||||||||||
| June | ||||||||||||||||||
| Owner' Equity | ||||||||||||||||||
| J. Long - Capital | Account No. 311 | |||||||||||||||||
| Post. | Balance | |||||||||||||||||
| Date | Item | Ref. | Debit | Credit | Debit | Credit | ||||||||||||
| 20XX | ||||||||||||||||||
| Balance | ||||||||||||||||||
| June | ||||||||||||||||||
| Withdrawals | Account No. 312 | |||||||||||||||||
| Post. | Balance | |||||||||||||||||
| Date | Item | Ref. | Debit | Credit | Debit | Credit | ||||||||||||
| 20XX | ||||||||||||||||||
| June | ||||||||||||||||||
| Income Summary | Account No. 313 | |||||||||||||||||
| Post. | Balance | |||||||||||||||||
| Date | Item | Ref. | Debit | Credit | Debit | Credit | ||||||||||||
| 20XX | ||||||||||||||||||
| June | ||||||||||||||||||
| Consulting Fees Earned | Account No. 411 | |||||||||||||||||
| Post. | Balance | |||||||||||||||||
| Date | Item | Ref. | Debit | Credit | Debit | Credit | ||||||||||||
| 20XX | ||||||||||||||||||
| June | ||||||||||||||||||
| Bookkeeping Fees Earned | Account No. 412 | |||||||||||||||||
| Post. | Balance | |||||||||||||||||
| Date | Item | Ref. | Debit | Credit | Debit | Credit | ||||||||||||
| 20XX | ||||||||||||||||||
| June | ||||||||||||||||||
| Wage Expense | Account No. 511 | |||||||||||||||||
| Post. | Balance | |||||||||||||||||
| Date | Item | Ref. | Debit | Credit | Debit | Credit | ||||||||||||
| 20XX | ||||||||||||||||||
| June | ||||||||||||||||||
| Utilities Expense | Account No. 512 | |||||||||||||||||
| Post. | Balance | |||||||||||||||||
| Date | Item | Ref. | Debit | Credit | Debit | Credit | ||||||||||||
| 20XX | ||||||||||||||||||
| June | ||||||||||||||||||
| Telephone Expense | Account No. 513 | |||||||||||||||||
| Post. | Balance | |||||||||||||||||
| Date | Item | Ref. | Debit | Credit | Debit | Credit | ||||||||||||
| 20XX | ||||||||||||||||||
| June | ||||||||||||||||||
| Rent Expense | Account No. 514 | |||||||||||||||||
| Post. | Balance | |||||||||||||||||
| Date | Item | Ref. | Debit | Credit | Debit | Credit | ||||||||||||
| 20XX | ||||||||||||||||||
| June | ||||||||||||||||||
| Insurance Expense | Account No. 515 | |||||||||||||||||
| Post. | Balance | |||||||||||||||||
| Date | Item | Ref. | Debit | Credit | Debit | Credit | ||||||||||||
| 20XX | ||||||||||||||||||
| June | ||||||||||||||||||
| Office Supplies Expense | Account No. 516 | |||||||||||||||||
| Post. | Balance | |||||||||||||||||
| Date | Item | Ref. | Debit | Credit | Debit | Credit | ||||||||||||
| 20XX | ||||||||||||||||||
| June | ||||||||||||||||||
| Depreciation Expense - Office Equipment | Account No. 519 | |||||||||||||||||
| Post. | Balance | |||||||||||||||||
| Date | Item | Ref. | Debit | Credit | Debit | Credit | ||||||||||||
| 20XX | ||||||||||||||||||
| June | ||||||||||||||||||
| Depreciation Expense - Office Furniture | Account No. 520 | |||||||||||||||||
| Post. | Balance | |||||||||||||||||
| Date | Item | Ref. | Debit | Credit | Debit | Credit | ||||||||||||
| 20XX | ||||||||||||||||||
| June | ||||||||||||||||||
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Disruption In The Audit Market
Authors: Krish Bhaskar, John Flower
1st Edition
0367220660, 978-0367220662
