Presented below is the ledger for Holly Corp.

\section*{Instructions}

(a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20 and provide explanations for each.

(b) Prepare a trial balance at October 31, 1996.

Transcribed Image Text:

Cash No. 101 Common Stock No. 311 10/1 4,000 10/4 400 10/1 4,000 10/10 650 10/12 1,500 10/25 2,000 10/10 5,000 10/15 250 10/20 500 10/30 300 Dividends No. 332 10/25 2,000 10/31 500 10/30 300 Accounts Receivable No. 112 Service Revenue No. 407 10/6 800 10/20 10/20 940 500 10/6 800 10/10 650 10/20 940 Store Wages Expense No. 628 Supplies No. 126 10/4 400 10/31 500 Furniture No. 149 Rent Expense No. 729 10/3 2,000 10/15 250 Notes Payable No. 200 10/10 5,000 Accounts Payable No. 201 10/12 1,500 10/3 2,000