Prepare a ledger and post these transactions to determine the balance of each account.
GENERAL JOURNAL Page 1 Date Accounts Debits Credits 02-Jan-X5 Cash 1,000,000 Capital Stock 1,000,000 Bikash invested cash in exchange for stock 04-Jan-X5 Equipment 200,000 Loan Payable 200,000 Purchased equipment with proceeds of loan 06-Jan-X5 Accounts Receivable 300,000 Revenues 300,000 Provided services to customers on account 07-Jan-X5 Supplies Expense 10,000 Accounts Payable 10,000 Purchased (on account) and used supplies 11-Jan-X5 Accounts Payable 10,000 Cash 10,000 Paid for purchase of Jan. 7 15-Jan-X5 Wage Expense 100,000 Cash 100,000 Paid employee GENERAL JOURNAL Page 2 Date Accounts Debits Credits 17-Jan-X5 Cash 150,000 Accounts Receivable 150,000 Collected partial payment on receivables 18-Jan-X5 Cash 180,000 Revenues 180,000 Provided services to customers for cash 20-Jan-X5 Supplies Expense 20,000 Accounts Payable 20,000 Purchased (on account) and used supplies 31-Jan-X5 Wage Expense 100,000 Cash 100,000 Paid employee 31-Jan-X5 Loan Payable 200,000 Interest Expense 2,000 Cash 202,000 Paid off the loan with interest Worksheet to post answers below:
CASH Date Description Debit Credit Balance 01-Jan-X5 Balance forward - - - 02-Jan-X5 Journal Page 1 1,000,000 - 1,000,000
- - -
Prepare a ledger and post these transactions to determine the balance of each account.
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Related questions
Prepare a trial balance from the general ledger, determine the missing amount for salaries expense, and determine the company's profit for its first month.
| CASH | |||||
| Date | Description | Debit | Credit | Balance | |
| 02-Jan-X8 | Balance forward | - | - | - | |
| 03-Jan-X8 | Journal Page 1 | 250,000 | - | 250,000 | |
| 10-Jan-X8 | Journal Page 1 | - | 75,000 | 175,000 | |
| 14-Jan-X8 | Journal Page 1 | - | 15,000 | 160,000 | |
| 18-Jan-X8 | Journal Page 2 | 40,000 | - | 200,000 | |
| 21-Jan-X8 | Journal Page 2 | 4,000 | 196,000 | ||
| 26-Jan-X8 | Journal Page 2 | 3,000 | 193,000 | ||
| 31-Jan-X8 | Journal Page 2 | 26,000 | - | 219,000 | |
| ACCOUNTS RECEIVABLE | |||||
| Date | Description | Debit | Credit | Balance | |
| 02-Jan-X8 | Balance forward | - | - | - | |
| 06-Jan-X8 | Journal Page 1 | 55,000 | - | 55,000 | |
| 18-Jan-X8 | Journal Page 2 | - | 40,000 | 15,000 | |
| LAND | |||||
| Date | Description | Debit | Credit | Balance | |
| 02-Jan-X8 | Balance forward | - | - | - | |
| 10-Jan-X8 | Journal Page 1 | 75,000 | - | 75,000 | |
| SALARIES PAYABLE | |||||
| Date | Description | Debit | Credit | Balance | |
| 02-Jan-X8 | Balance forward | - | - | - | |
| 31-Jan-X8 | Journal Page 2 | - | 18,000 | 18,000 | |
| CAPITAL STOCK | |||||
| Date | Description | Debit | Credit | Balance | |
| 02-Jan-X8 | Balance forward | - | - | - | |
| 03-Jan-X8 | Journal Page 1 | - | 250,000 | 250,000 | |
| REVENUES | |||||
| Date | Description | Debit | Credit | Balance | |
| 02-Jan-X8 | - | - | - | ||
| 06-Jan-X8 | Journal Page 1 | - | 55,000 | 55,000 | |
| 31-Jan-X8 | Journal Page 2 | - | 26,000 | 81,000 | |
| SUPPLIES EXPENSE | |||||
| Date | Description | Debit | Credit | Balance | |
| 02-Jan-X8 | - | - | - | ||
| 26-Jan-X8 | Journal Page 2 | 3,000 | - | 3,000 | |
| UTILITIES EXPENSE | |||||
| Date | Description | Debit | Credit | Balance | |
| 02-Jan-X8 | - | - | - | ||
| 21-Jan-X8 | Journal Page 2 | 4,000 | - | 4,000 | |
PLEASE ANSWER ALL OF THESE QUESTIONSâ
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 |
| Rexâs 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 | |
| Rexâs 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: Rexâs Capital Account No.301
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
| 20-- | 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 | ||
PLEASE FOLLOW THE GUIDELINESâ
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 |
| Rexâs 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 | |
| Rexâs 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: Rexâs Capital Account No.301
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
| 20-- | 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 | ||
