General Ledger Accounts Set up T accounts for each of the general ledger account
ID: 2341810 • Letter: G
Question
General Ledger Accounts Set up T accounts for each of the general ledger accounts needed for the following transactions. 1. Invested cash in the business, $6,000. 2. Paid office rent, $500. 3. Purchased office supplies on account, $300. 4. Received cash for services rendered (fees), $400. 5. Paid cash on account, $50. 6. Rendered services on account, $300. 7. Received cash for an amount owed by a customer, $100. Post debits and credits to the accounts. Foot the accounts and enter the balances. Cash Bal. Accounts Receivable BalExplanation / Answer
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Cash Owner's Capital 6000 Rent expense 500 Fees 400 Accounts payable 50 Accounts Receivable 100 6500 550 Bal. 5950 Accounts Receivable Fees 300 Cash 100 Bal. 200 Office Supplies Accoounts payable 300 Accounts Payable Cash 50 Office supplies 300 Bal. 250 Owner's Capital Cash 6000 Fees Cash 400 Accounts Receivable 300 Bal. 700 Rent Expense Cash 500 Proof that total debits equal total credits Total debits Total credits Cash 5950 Accounts Payable 250 Accounts Receivable 200 Owner's capital 6000 Office supplies 300 Fees 700 Rent expnse 500 Total 6950 Total 6950Related Questions
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