PLEASE ANSWER ALL OF THESE QUESTIONSâ
Posting Journal Entries to General Ledger Accounts
Journalize and post business transactions for the following account:
General Ledger
101 Cash in Bank
102 Accounts Receivable
120 Grooming Supplies
130 Office Furniture
140 Grooming Equipment
205 Accounts Payable
301 Rex s Capital
305 Rex s Withdrawals
402 Boarding Revenue
410 Grooming Revenue
505 Salary Expenses
January 2005
Jan 1
Rex invested $5,000 in the business, Memorandum 10.
Jan 3
Rex transferred furniture valued at $2,000 to the business, Memorandum 11.
Jan 10
Issued check No. 501 for $400 for grooming supplies.
Jan 15
Bought grooming equipment on account for $2000 from Pets Inc.; Invoice 201.
Jan 17
Paid Pets, Inc. $500; check No. 105.
Jan 20
Rex withdrew $1,000 cash from business; check No. 59.
Jan 29
Salary paid to employee: $300 via check No. 60.
Jan 30
Deposited $2,000 received from client for rendering service; Receipt Nos. 124-130
Guidelines:
In your working paper, open an account in the general ledger for each of these accounts.
Record the January transactions on page 1 of the general journal.
Post each journal entry to the appropriate account.
Prove the ledger account by preparing a trial balance.
Cash in Bank
Debit
Credit
$5,000.00
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Rexâs Capital
Debit
Credit
$5, 000.00
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
General Journal
Date
Description
Post. Ref.
Debit
Credit
20- Jan. 1
Cash
101
$5,000.00
Rexâs Capital
301
$5,000.00
General Ledger
Account Name: Cash Account No.101
Date
Particulars
Post ref.
Debit
Credit
Balance
Debit
Credit
20- Jan. 1
J1
$5,000.00
$5,000.00
Account Name: Account No.102
Date
Particulars
Post ref.
Debit
Credit
Balance
Debit
Credit
Account Name: Account No.120
Date
Particulars
Post ref.
Debit
Credit
Balance
Debit
Credit
Account Name: Account No.130
Date
Particulars
Post ref.
Debit
Credit
Balance
Debit
Credit
Account Name: Account No.140
Date
Particulars
Post ref.
Debit
Credit
Balance
Debit
Credit
Account Name: Account No.205
Date
Particulars
Post ref.
Debit
Credit
Balance
Debit
Credit
Account Name: Rexâs Capital Account No.301
Date
Particulars
Post ref.
Debit
Credit
Balance
Debit
Credit
20--
Jan. 1
J1
5000
5000
Account Name: Account No.305
Date
Particulars
Post ref.
Debit
Credit
Balance
Debit
Credit
Account Name: Account No.402
Date
Particulars
Post ref.
Debit
Credit
Balance
Debit
Credit
Account Name: Account No.410
Date
Particulars
Post ref.
Debit
Credit
Balance
Debit
Credit
Account Name: Account No.505
Date
Particulars
Post ref.
Debit
Credit
Balance
Debit
Credit
Trial Balance
Account Number
Account Name
Trial Balance
Debit
Credit
PLEASE ANSWER ALL OF THESE QUESTIONSâ
Posting Journal Entries to General Ledger Accounts
Journalize and post business transactions for the following account:
General Ledger
101 Cash in Bank
102 Accounts Receivable
120 Grooming Supplies
130 Office Furniture
140 Grooming Equipment
205 Accounts Payable
301 Rex s Capital
305 Rex s Withdrawals
402 Boarding Revenue
410 Grooming Revenue
505 Salary Expenses
January 2005
| Jan 1 | Rex invested $5,000 in the business, Memorandum 10. |
| Jan 3 | Rex transferred furniture valued at $2,000 to the business, Memorandum 11. |
| Jan 10 | Issued check No. 501 for $400 for grooming supplies. |
| Jan 15 | Bought grooming equipment on account for $2000 from Pets Inc.; Invoice 201. |
| Jan 17 | Paid Pets, Inc. $500; check No. 105. |
| Jan 20 | Rex withdrew $1,000 cash from business; check No. 59. |
| Jan 29 | Salary paid to employee: $300 via check No. 60. |
| Jan 30 | Deposited $2,000 received from client for rendering service; Receipt Nos. 124-130 |
Guidelines:
In your working paper, open an account in the general ledger for each of these accounts.
Record the January transactions on page 1 of the general journal.
Post each journal entry to the appropriate account.
Prove the ledger account by preparing a trial balance.
| Cash in Bank | |
| Debit | Credit |
| $5,000.00 | |
| Debit | Credit |
| Debit | Credit |
| Debit | Credit |
| Debit | Credit |
| Debit | Credit |
| Rexâs Capital | |
| Debit | Credit |
| $5, 000.00 | |
| Debit | Credit |
| Debit | Credit |
| Debit | Credit |
| Debit | Credit |
| Debit | Credit |
| General Journal | ||||
| Date | Description | Post. Ref. | Debit | Credit |
| 20- Jan. 1 | Cash | 101 | $5,000.00 | |
| Rexâs Capital | 301 | $5,000.00 | ||
General Ledger
Account Name: Cash Account No.101
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
| 20- Jan. 1 | J1 | $5,000.00 | $5,000.00 | |||
Account Name: Account No.102
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
Account Name: Account No.120
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
Account Name: Account No.130
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
Account Name: Account No.140
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
Account Name: Account No.205
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
Account Name: Rexâs Capital Account No.301
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
| 20-- | J1 | 5000 | 5000 | |||
Account Name: Account No.305
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
Account Name: Account No.402
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
Account Name: Account No.410
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
Account Name: Account No.505
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
Trial Balance
| Account Number | Account Name | Trial Balance | |
| Debit | Credit | ||
Related questions
PLEASE FOLLOW THE GUIDELINESâ
Posting Journal Entries to General Ledger Accounts
Journalize and post business transactions for the following account:
General Ledger
101 Cash in Bank
102 Accounts Receivable
120 Grooming Supplies
130 Office Furniture
140 Grooming Equipment
205 Accounts Payable
301 Rex s Capital
305 Rex s Withdrawals
402 Boarding Revenue
410 Grooming Revenue
505 Salary Expenses
January 2005
| Jan 1 | Rex invested $5,000 in the business, Memorandum 10. |
| Jan 3 | Rex transferred furniture valued at $2,000 to the business, Memorandum 11. |
| Jan 10 | Issued check No. 501 for $400 for grooming supplies. |
| Jan 15 | Bought grooming equipment on account for $2000 from Pets Inc.; Invoice 201. |
| Jan 17 | Paid Pets, Inc. $500; check No. 105. |
| Jan 20 | Rex withdrew $1,000 cash from business; check No. 59. |
| Jan 29 | Salary paid to employee: $300 via check No. 60. |
| Jan 30 | Deposited $2,000 received from client for rendering service; Receipt Nos. 124-130 |
Guidelines:
In your working paper, open an account in the general ledger for each of these accounts.
Record the January transactions on page 1 of the general journal.
Post each journal entry to the appropriate account.
Prove the ledger account by preparing a trial balance.
| Cash in Bank | |
| Debit | Credit |
| $5,000.00 | |
| Debit | Credit |
| Debit | Credit |
| Debit | Credit |
| Debit | Credit |
| Debit | Credit |
| Rexâs Capital | |
| Debit | Credit |
| $5, 000.00 | |
| Debit | Credit |
| Debit | Credit |
| Debit | Credit |
| Debit | Credit |
| Debit | Credit |
| General Journal | ||||
| Date | Description | Post. Ref. | Debit | Credit |
| 20- Jan. 1 | Cash | 101 | $5,000.00 | |
| Rexâs Capital | 301 | $5,000.00 | ||
General Ledger
Account Name: Cash Account No.101
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
| 20- Jan. 1 | J1 | $5,000.00 | $5,000.00 | |||
Account Name: Account No.102
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
Account Name: Account No.120
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
Account Name: Account No.130
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
Account Name: Account No.140
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
Account Name: Account No.205
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
Account Name: Rexâs Capital Account No.301
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
| 20-- | J1 | 5000 | 5000 | |||
Account Name: Account No.305
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
Account Name: Account No.402
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
Account Name: Account No.410
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
Account Name: Account No.505
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
Trial Balance
| Account Number | Account Name | Trial Balance | |
| Debit | Credit | ||
(a) Record the January transactions in a two-column general journal.
Check figures:
Cash Receipts Journal, total Cash DR: $ 70,348
Cash Payments Journal, total Cash CR: 62,060
Net Income: 25,218 Total Assets: 149,568
Total Post Closing Trial Balance: 151,193
Sun & Surf Company uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Sun & Surf are indicated in the working papers. Below are a series of transactions for Sun & Surf Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 55% of the sales price.
Jan.3 Sell merchandise on account to M. Knast $5,100, invoice no. 825, and to C. Ryder $1,900, invoice no. 826.
5 Purchase merchandise from R. Drifter $5,000 and N. Sova $2,200, terms n/30.
7 Receive checks from V. Arnold $4,000 and I. Tan $2,000 after discount period has lapsed.
8 Pay freight on merchandise purchased $235.
9 Send checks to K. Xerxes for $9,000 less 2% cash discount, and to T. Caper for $11,000 less 1% cash discount.
9 Issue credit of $300 to C. Ryder for merchandise returned.
10 Summary daily cash sales total $15,500.
11 Sell merchandise on account to D. Gallagher $1,600, invoice no. 827, and to V. Arnold $900, invoice no. 828.
12 Pay rent of $1,000 for January.
13 Receive payment in full from M. Knast and C. Ryder less cash discounts.
15 Withdrawal of $800 cash by J. Sandy for personal use.
15 Post all entries to the subsidiary ledgers.
16 Purchase merchandise from T. Caper $18,000, terms 1/10, n/30; K. Xerxes $14,200, terms 2/10, n/30; and R. Drifter $1,500, terms n/30.
17 Pay $400 cash for office supplies.
18 Return $200 of merchandise to K. Xerxes and receive credit.
20 Summary daily cash sales total $20,100.
21 Issue $15,000 note, maturing in 90 days, to M. Griffen in payment of balance due.
21 Receive payment in full from V. Arnold less cash discount.
22 Sell merchandise on account to M. Knast $2,700, invoice no. 829, and to D. Gallagher $1,300, invoice no. 830.
22 Post all entries to the subsidiary ledgers.
23 Send checks to T. Caper and K. Xerxes in full payment less cash discounts.
25 Sell merchandise on account to I. Tan $3,500, invoice no. 831, and to C. Ryder $6,100, invoice no. 832.
27 Purchase merchandise from T. Caper $14,500, terms 1/10, n/30; N. Sova $1,200, terms n/30; and R. Drifter $5,400, terms n/30.
27 Post all entries to the subsidiary ledgers.
28 Pay $275 cash for office supplies.
31 Summary daily cash sales total $21,300.
31 Pay salaries and wages of $8,100. (continued)
(a) Record the January transactions in a two-column general journal.
1. Office supplies at January 31 total $900.
2. Insurance coverage expires on September 30, 2017.
3. Annual depreciation on the equipment is $1,500.
4. Interest of $50 has accrued on the note payable.
| General Ledger | |||||
| Cash | No. 101 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Jan. 1 | Balance | â | $ 37,150 | ||
| Accounts Receivable | No. 112 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Jan. 1 | Balance | â | $ 13,000 | ||
| Notes Receivable | No. 115 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Jan. 1 | Balance | â | $ 39,000 | ||
| Inventory | No. 120 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Jan. 1 | Balance | â | $ 17,795 | ||
| Office Supplies | No. 125 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Jan. 1 | Balance | â | $ 1,200 | ||
| Prepaid Insurance | No. 130 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Jan. 1 | Balance | â | $ 2,205 | ||
| Equipment | No. 157 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Jan. 1 | Balance | â | $ 6,450 | ||
| Accumulated Depreciation - Equipment | No. 158 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Jan. 1 | Balance | â | $ 1,500 | ||
| Notes Payable | No. 200 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Accounts Payable | No. 201 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Jan. 1 | Balance | â | $ 35,000 | ||
| Interest Payable | |||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| J. Sandy, Capital | No. 301 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Jan. 1 | Balance | â | $ 80,300 | ||
| J. Sandy, Drawing | No. 306 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Income Summary | No. 350 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Sales | No. 401 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Sales Returns and Allowances | No. 412 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Sales Discounts | No. 414 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Cost of Goods Sold | No. 505 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Salaries and Wages Expense | No. 627 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Depreciation Expense | No. 711 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Interest Expense | No. 718 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Insurance Expense | No. 722 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Office Supplies Expense | No. 728 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Rent Expense | No. 729 | ||||
| Date | Explanation | Ref. | Debit | Credit | Balance |
