E3-14B Here is the ledger for Camphor Co. Journalize transactions from T account
ID: 2331745 • Letter: E
Question
E3-14BHere is the ledger for Camphor Co.
Journalize transactions from T accounts and prepare a trial balance.
(LO 3, 5), AP
Common Stock
Oct. 1
15,000
Oct. 4
400
Oct. 1
15,000
10
980
12
1,500
25
2,000
10
8,000
15
250
20
700
30
300
Dividends
25
2,000
31
500
Oct. 30 300
Accounts Receivable
Service Revenue
Oct. 6
800
Oct. 20
700
Oct. 6
800
20
920
10
980
20
920
Supplies
Salaries and Wages Expense
Oct. 4
400
Oct. 31
180
Oct. 31 500
Equipment
Supplies Expense
Oct. 3
3,000
Oct. 31 180
Notes Payable
Rent Expense
Oct. 10
8,000
Oct. 15 250
Accounts Payable
Oct. 12
1,500
Oct. 3
3,000
Instructions
(a) Reproduce the journal entries for only the transactions that occurred on October 1, 10, and 20, and provide explanations for each.
(b) Prepare a trial balance at October 31, 2014. (Hint: Compute ending balances of T accounts first.)
Journalize transactions from T accounts and prepare a trial balance.
(LO 3, 5), AP
CashCommon Stock
Oct. 1
15,000
Oct. 4
400
Oct. 1
15,000
10
980
12
1,500
25
2,000
10
8,000
15
250
20
700
30
300
Dividends
25
2,000
31
500
Oct. 30 300
Explanation / Answer
Oct-01 Cash 15000 Common stock 15000 Being common stock issued for cash Oct-10 Cash 8000 Notes payable 8000 Being notes payable issued for cash Oct-10 Cash 980 Service revenue 980 Being cash received for services incurred Oct-20 Accounts receivable 920 Service revenue 920 Being service incurred on account Oct-20 Cash 700 Accounts receivable 700 (being cash received from accounts ) Trial balance Cash 23730 Accounts receivable 1020 Supplies 220 Equipment 3000 Notes payable 8000 Accounts payable 1500 Common stock 17000 Dividend 300 Service revenue 2700 Salaries and wages expense 500 Supplies expense 180 Rent expense 250 Total 29200 29200
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