PLEASE ANSWER ALL OF THESE QUESTIONS Posting Journal Entries to General Ledger A
ID: 2574063 • Letter: P
Question
PLEASE ANSWER ALL OF THESE QUESTIONS
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
Rex’s 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
Rex’s 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: Rex’s 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
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 $2,000 received from client for rendering service; Receipt Nos. 124-130
Explanation / Answer
Journal entries and Ledger
Date Particulars L.F Amount ($) Amount ($) 2005 Jan-01 Cash 5,000 Rex s Capital 5,000 (for invested in business) Jan-03 Office Furniture 2,000 Rex s capital 2,000 (for furniture transferred) Jan-10 Grooming supplies 400 Account Payable 400 (for grroming supplies purchased) Jan-15 Grooming Equipment 2,000 Account Payable 2,000 (for grroming equipment purchased) Jan-17 Accounts payable 500 cash 500 (for cash paid) Jan-20 Rex s Drawings 1,000 cash 1,000 (for cash withdraw) Jan-29 Salary Expenses 300 cash 300 (for salary paid) Jan-30 Cash in Bank 2,000 Grooming Revenue 2,000 (for cash received for grooming revenue)Related Questions
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