PLEASE FOLLOW THE GUIDELINES Posting Journal Entries to General Ledger Accounts
ID: 2574814 • Letter: P
Question
PLEASE FOLLOW THE GUIDELINES
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
Date Accounts Title Ref Dr Cr 1-Jan Cash at Bank 101 $5,000 Rex s Capital 301 $5,000 3-Jan Office Furniture 130 $2,000 Rex s Capital 301 $2,000 10-Jan Grooming supplies $400 Cash at Bank 101 $400 15-Jan Grooming Equipment 140 $2,000 Accounts Payable 205 $2,000 17-Jan Accounts Payable 205 $500 Cash at Bank 101 $500 20-Jan Rex s Withdrawals 305 $1,000 Cash at Bank 101 $1,000 29-Jan Salaries expenses 505 $300 Cash at Bank 101 $300 30-Jan Cash at Bank 101 $2,000 Grooming revenue 410 $2,000 Cash at bank Dr Cr 5000 400 2000 500 1000 300 End Bal 4800 Rex capital Dr Cr 5000 2000 End Bal 7000 Grooming supplies Dr Cr 400 End Bal 400 Office furnitute Dr CR 2000 End Bal 2000 Grooming Equipment Dr cR 2000 Accounts Payable Dr Cr 500 2000 End Bal 1500 Rex s Withdrawals Dr cr 1000 Salaries expenses Dr Cr 300 Grooming revenue Dr Cr 2000 Trial Balance Dr Cr Cash at bank 4800 Grooming supplies $400 Office Furniture $2,000 Grooming Equipment $2,000 Accounts Payable 1500 Rex s Capital 7000 Rex s Withdrawals $1,000 Grooming revenue 2000 Salaries expenses 300 Total 10500 10500
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.