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using T accounts, post the journal entries to the general ledger, and determine the ending balance in each accounts Selected transactions for the Oriole Corporation
using T accounts, post the journal entries to the general ledger, and determine the ending balance in each accounts
Selected transactions for the Oriole Corporation during its first month of operations are presented below: Sept. 1 Issued common shares for $17,000 cash. 2 Performed $9,000 of services on account for a customer. 4 Purchased equipment for $14,000, paying $5,000 in cash and borrowing the balance from the bank. 10 Purchased $500 of supplies on account. 25 Received $4,500 cash in advance for architectural services to be provided next month. 30 Paid $300 on account in partial payment of amount owing for supplies. (See September 10 transaction.) 30 Collected $5,000 on account owing from customer. (see September 2 transaction.) \begin{tabular}{ll|l|l|} Date & Account Titles and Explanation & Debit \\ \hline Sept. 1 & Cash & 17000 \\ \hline \end{tabular} Common Shares Sept. 2 Accounts Receivable 9000 Service Revenue Sept. 4 Equipment 14000 Cash Bank Loan Payable Sept. 10 Supplies 500 Accounts Payable 500 Sept. 25 Cash 4500 Deferred Revenue Sept. 30 Accounts Payable 300 Cash (To record partial payment of amount owing for supplies) Accounts Receivable (To record collection) zach account. (Post entries inStep by Step Solution
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