WileyPLUS Help Weygandt, Financial Accounting, 10e Help l Debit Credit Cash Acco

Question

WileyPLUS Help Weygandt, Financial Accounting, 10e Help l Debit Credit Cash Accounts Receivable Supplies Prepaid Rent Equipment Accounts Payable Common Stock Retained Earnings $9,000 15,100 12,700 2,800 19,300 $16,500 31,000 11,400 $58,900 $58,900 Summarized transactions for January 2019 were as follows. 1. Advertising costs, paid in cash, $1,120. 2. Additional supplies acquired on account $4,150 3. Miscellaneous expenses, paid in cash, $2,020. 4. Cash collected from customers in payment of accounts receivable $12,340. 5. Cash paid to creditors for accounts payable due $12,840. 6. Repair services performed during January: for cash $6,850; on account $8,540. 7. Wages for January, paid in cash, $2,410. 8. Dividends during January were $2,550.

Explanation / Answer

c) Posting of journal entries to the accounts in the ledger is shown as follows:-

Cash (Amount in $)

Accounts Receivable (Amount in $)

Supplies (Amount in $)

Prepaid Rent (Amount in $)

Equipment (Amount in $)

Accounts Payable (Amount in $)

Common Stock (Amount in $)

Retained Earnings (Amount in $)

Dividends (Amount in $)

Service Revenue (Amount in $)

Advertising Expense (Amount in $)

Miscellaneous Expense (Amount in $)

Salaries and Wages Expense (Amount in $)

Bal. 9,000 Advertising Expense 1,120 Accounts Receivable 12,340 Miscellaneous Expense 2,020 Service Revenue 6,850 Accounts Payable 12,840 Salaries and Wages Expense 2,410 Dividends 2,550 Balance c/d (Bal.fig.) 7,250 28,190 28,190

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