George Smyth opened a computer repair business on Apr. 1, 20--. During the first month of operations, the firm had the following transactions. Apr. 1 George Smyth invested $30,000 cash in the business. 2 Paid rent for April, $2,100. 8 Bought equipment for $12,000 and issued a check for $3,000 as a down payment. 12 Performed services for $3,200 in cash, and $1,200 on credit. 19 Paid electric bill, $225. 25 Received $900 on account from credit customers. Required: Record these transactions on page 1 of the general journal. Omit explanations. If an amount box does not require, leave it blank. Page: 1 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Apr. 1 Cash 101 fill in the blank f9fb70ff9f95044_2 fill in the blank f9fb70ff9f95044_3 1 2 George Smyth, Capital 311 fill in the blank f9fb70ff9f95044_5 fill in the blank f9fb70ff9f95044_6 2 3 Apr. 2 Rent Expense 521 fill in the blank f9fb70ff9f95044_8 fill in the blank f9fb70ff9f95044_9 3 4 Cash 101 fill in the blank f9fb70ff9f95044_11 fill in the blank f9fb70ff9f95044_12 4 5 Apr. 8 Equipment 181 fill in the blank f9fb70ff9f95044_14 fill in the blank f9fb70ff9f95044_15 5 6 Cash 101 fill in the blank f9fb70ff9f95044_17 fill in the blank f9fb70ff9f95044_18 6 7 Accounts Payable 202 fill in the blank f9fb70ff9f95044_20 fill in the blank f9fb70ff9f95044_21 7 8 Apr. 12 Cash 101 fill in the blank f9fb70ff9f95044_23 fill in the blank f9fb70ff9f95044_24 8 9 Accounts Receivable 122 fill in the blank f9fb70ff9f95044_26 fill in the blank f9fb70ff9f95044_27 9 10 Service Fees 401 fill in the blank f9fb70ff9f95044_29 fill in the blank f9fb70ff9f95044_30 10 11 Apr. 19 Accounts Payable 533 fill in the blank f9fb70ff9f95044_32 fill in the blank f9fb70ff9f95044_33 11 12 Electricity Expense 101 fill in the blank f9fb70ff9f95044_35 fill in the blank f9fb70ff9f95044_36 12 13 Apr. 25 101 fill in the blank f9fb70ff9f95044_38 fill in the blank f9fb70ff9f95044_39 13 14 122 fill in the blank f9fb70ff9f95044_41 fill in the blank f9fb70ff9f95044_42 14 Post appropriate transactions to the general ledger. If an amount box does not require, leave it blank. GENERAL LEDGER Account: Cash Account No. 101 Balance Date Item Post Ref. Debit Credit Debit Credit Apr. 1 J1 fill in the blank bc650702506b053_1 fill in the blank bc650702506b053_2 fill in the blank bc650702506b053_3 fill in the blank bc650702506b053_4 2 J1 fill in the blank bc650702506b053_5 fill in the blank bc650702506b053_6 fill in the blank bc650702506b053_7 fill in the blank bc650702506b053_8 8 J1 fill in the blank bc650702506b053_9 fill in the blank bc650702506b053_10 fill in the blank bc650702506b053_11 fill in the blank bc650702506b053_12 12 J1 fill in the blank bc650702506b053_13 fill in the blank bc650702506b053_14 fill in the blank bc650702506b053_15 fill in the blank bc650702506b053_16 19 J1 fill in the blank bc650702506b053_17 fill in the blank bc650702506b053_18 fill in the blank bc650702506b053_19 fill in the blank bc650702506b053_20 25 J1 fill in the blank bc650702506b053_21 fill in the blank bc650702506b053_22 fill in the blank bc650702506b053_23 fill in the blank bc650702506b053_24 Account: Accounts Receivable Account No. 122 Balance Date Item Post Ref. Debit Credit Debit Credit Apr. 12 J1 fill in the blank bc650702506b053_25 fill in the blank bc650702506b053_26 fill in the blank bc650702506b053_27 fill in the blank bc650702506b053_28 25 J1 fill in the blank bc650702506b053_29 fill in the blank bc650702506b053_30 fill in the blank bc650702506b053_31 fill in the blank bc650702506b053_32 Account: Equipment Account No. 181 Balance Date Item Post Ref. Debit Credit Debit Credit Apr. 8 J1 fill in the blank bc650702506b053_33 fill in the blank bc650702506b053_34 fill in the blank bc650702506b053_35 fill in the blank bc650702506b053_36 Account: Accounts Payable Account No. 202 Balance Date Item Post Ref. Debit Credit Debit Credit Apr. 8 J1 fill in the blank bc650702506b053_37 fill in the blank bc650702506b053_38 fill in the blank bc650702506b053_39 fill in the blank bc650702506b053_40 Account: George Smyth, Capital Account No. 311 Balance Date Item Post Ref. Debit Credit Debit Credit Apr. 1 J1 fill in the blank bc650702506b053_41 fill in the blank bc650702506b053_42 fill in the blank bc650702506b053_43 fill in the blank bc650702506b053_44 Account: Service Fees Account No. 401 Balance Date Item Post Ref. Debit Credit Debit Credit Apr. 12 J1 fill in the blank bc650702506b053_45 fill in the blank bc650702506b053_46 fill in the blank bc650702506b053_47 fill in the blank bc650702506b053_48 Account: Rent Expense Account No. 521 Balance Date Item Post Ref. Debit Credit Debit Credit Apr. 2 J1 fill in the blank bc650702506b053_49 fill in the blank bc650702506b053_50 fill in the blank bc650702506b053_51 fill in the blank bc650702506b053_52 Account: Electricity Expense Account No. 533 Balance Date Item Post Ref. Debit Credit Debit Credit Apr. 19 J1 fill in the blank bc650702506b053_53 fill in the blank bc650702506b053_54 fill in the blank bc650702506b053_55 fill in the blank
George Smyth opened a computer repair business on Apr. 1, 20--. During the first month of operations, the firm had the following transactions. Apr. 1 George Smyth invested $30,000 cash in the business. 2 Paid rent for April, $2,100. 8 Bought equipment for $12,000 and issued a check for $3,000 as a down payment. 12 Performed services for $3,200 in cash, and $1,200 on credit. 19 Paid electric bill, $225. 25 Received $900 on account from credit customers. Required: Record these transactions on page 1 of the general journal. Omit explanations. If an amount box does not require, leave it blank. Page: 1 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Apr. 1 Cash 101 fill in the blank f9fb70ff9f95044_2 fill in the blank f9fb70ff9f95044_3 1 2 George Smyth, Capital 311 fill in the blank f9fb70ff9f95044_5 fill in the blank f9fb70ff9f95044_6 2 3 Apr. 2 Rent Expense 521 fill in the blank f9fb70ff9f95044_8 fill in the blank f9fb70ff9f95044_9 3 4 Cash 101 fill in the blank f9fb70ff9f95044_11 fill in the blank f9fb70ff9f95044_12 4 5 Apr. 8 Equipment 181 fill in the blank f9fb70ff9f95044_14 fill in the blank f9fb70ff9f95044_15 5 6 Cash 101 fill in the blank f9fb70ff9f95044_17 fill in the blank f9fb70ff9f95044_18 6 7 Accounts Payable 202 fill in the blank f9fb70ff9f95044_20 fill in the blank f9fb70ff9f95044_21 7 8 Apr. 12 Cash 101 fill in the blank f9fb70ff9f95044_23 fill in the blank f9fb70ff9f95044_24 8 9 Accounts Receivable 122 fill in the blank f9fb70ff9f95044_26 fill in the blank f9fb70ff9f95044_27 9 10 Service Fees 401 fill in the blank f9fb70ff9f95044_29 fill in the blank f9fb70ff9f95044_30 10 11 Apr. 19 Accounts Payable 533 fill in the blank f9fb70ff9f95044_32 fill in the blank f9fb70ff9f95044_33 11 12 Electricity Expense 101 fill in the blank f9fb70ff9f95044_35 fill in the blank f9fb70ff9f95044_36 12 13 Apr. 25 101 fill in the blank f9fb70ff9f95044_38 fill in the blank f9fb70ff9f95044_39 13 14 122 fill in the blank f9fb70ff9f95044_41 fill in the blank f9fb70ff9f95044_42 14 Post appropriate transactions to the general ledger. If an amount box does not require, leave it blank. GENERAL LEDGER Account: Cash Account No. 101 Balance Date Item Post Ref. Debit Credit Debit Credit Apr. 1 J1 fill in the blank bc650702506b053_1 fill in the blank bc650702506b053_2 fill in the blank bc650702506b053_3 fill in the blank bc650702506b053_4 2 J1 fill in the blank bc650702506b053_5 fill in the blank bc650702506b053_6 fill in the blank bc650702506b053_7 fill in the blank bc650702506b053_8 8 J1 fill in the blank bc650702506b053_9 fill in the blank bc650702506b053_10 fill in the blank bc650702506b053_11 fill in the blank bc650702506b053_12 12 J1 fill in the blank bc650702506b053_13 fill in the blank bc650702506b053_14 fill in the blank bc650702506b053_15 fill in the blank bc650702506b053_16 19 J1 fill in the blank bc650702506b053_17 fill in the blank bc650702506b053_18 fill in the blank bc650702506b053_19 fill in the blank bc650702506b053_20 25 J1 fill in the blank bc650702506b053_21 fill in the blank bc650702506b053_22 fill in the blank bc650702506b053_23 fill in the blank bc650702506b053_24 Account: Accounts Receivable Account No. 122 Balance Date Item Post Ref. Debit Credit Debit Credit Apr. 12 J1 fill in the blank bc650702506b053_25 fill in the blank bc650702506b053_26 fill in the blank bc650702506b053_27 fill in the blank bc650702506b053_28 25 J1 fill in the blank bc650702506b053_29 fill in the blank bc650702506b053_30 fill in the blank bc650702506b053_31 fill in the blank bc650702506b053_32 Account: Equipment Account No. 181 Balance Date Item Post Ref. Debit Credit Debit Credit Apr. 8 J1 fill in the blank bc650702506b053_33 fill in the blank bc650702506b053_34 fill in the blank bc650702506b053_35 fill in the blank bc650702506b053_36 Account: Accounts Payable Account No. 202 Balance Date Item Post Ref. Debit Credit Debit Credit Apr. 8 J1 fill in the blank bc650702506b053_37 fill in the blank bc650702506b053_38 fill in the blank bc650702506b053_39 fill in the blank bc650702506b053_40 Account: George Smyth, Capital Account No. 311 Balance Date Item Post Ref. Debit Credit Debit Credit Apr. 1 J1 fill in the blank bc650702506b053_41 fill in the blank bc650702506b053_42 fill in the blank bc650702506b053_43 fill in the blank bc650702506b053_44 Account: Service Fees Account No. 401 Balance Date Item Post Ref. Debit Credit Debit Credit Apr. 12 J1 fill in the blank bc650702506b053_45 fill in the blank bc650702506b053_46 fill in the blank bc650702506b053_47 fill in the blank bc650702506b053_48 Account: Rent Expense Account No. 521 Balance Date Item Post Ref. Debit Credit Debit Credit Apr. 2 J1 fill in the blank bc650702506b053_49 fill in the blank bc650702506b053_50 fill in the blank bc650702506b053_51 fill in the blank bc650702506b053_52 Account: Electricity Expense Account No. 533 Balance Date Item Post Ref. Debit Credit Debit Credit Apr. 19 J1 fill in the blank bc650702506b053_53 fill in the blank bc650702506b053_54 fill in the blank bc650702506b053_55 fill in the blank
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Question
George Smyth opened a computer repair business on Apr. 1, 20--. During the first month of operations, the firm had the following transactions.
| Apr. 1 | George Smyth invested $30,000 cash in the business. |
| 2 | Paid rent for April, $2,100. |
| 8 | Bought equipment for $12,000 and issued a check for $3,000 as a down payment. |
| 12 | Performed services for $3,200 in cash, and $1,200 on credit. |
| 19 | Paid electric bill, $225. |
| 25 | Received $900 on account from credit customers. |
Required:
Record these transactions on page 1 of the general journal. Omit explanations. If an amount box does not require, leave it blank.
Page: 1| DATE | DESCRIPTION | POST. REF. |
DEBIT | CREDIT | ||
|---|---|---|---|---|---|---|
| 1 | Apr. 1 | Cash | 101 | fill in the blank f9fb70ff9f95044_2 | fill in the blank f9fb70ff9f95044_3 | 1 |
| 2 | George Smyth, Capital | 311 | fill in the blank f9fb70ff9f95044_5 | fill in the blank f9fb70ff9f95044_6 | 2 | |
| 3 | Apr. 2 | Rent Expense | 521 | fill in the blank f9fb70ff9f95044_8 | fill in the blank f9fb70ff9f95044_9 | 3 |
| 4 | Cash | 101 | fill in the blank f9fb70ff9f95044_11 | fill in the blank f9fb70ff9f95044_12 | 4 | |
| 5 | Apr. 8 | Equipment | 181 | fill in the blank f9fb70ff9f95044_14 | fill in the blank f9fb70ff9f95044_15 | 5 |
| 6 | Cash | 101 | fill in the blank f9fb70ff9f95044_17 | fill in the blank f9fb70ff9f95044_18 | 6 | |
| 7 | Accounts Payable | 202 | fill in the blank f9fb70ff9f95044_20 | fill in the blank f9fb70ff9f95044_21 | 7 | |
| 8 | Apr. 12 | Cash | 101 | fill in the blank f9fb70ff9f95044_23 | fill in the blank f9fb70ff9f95044_24 | 8 |
| 9 | 122 | fill in the blank f9fb70ff9f95044_26 | fill in the blank f9fb70ff9f95044_27 | 9 | ||
| 10 | Service Fees | 401 | fill in the blank f9fb70ff9f95044_29 | fill in the blank f9fb70ff9f95044_30 | 10 | |
| 11 | Apr. 19 | Accounts Payable | 533 | fill in the blank f9fb70ff9f95044_32 | fill in the blank f9fb70ff9f95044_33 | 11 |
| 12 | Electricity Expense | 101 | fill in the blank f9fb70ff9f95044_35 | fill in the blank f9fb70ff9f95044_36 | 12 | |
| 13 | Apr. 25 | 101 | fill in the blank f9fb70ff9f95044_38 | fill in the blank f9fb70ff9f95044_39 | 13 | |
| 14 | 122 | fill in the blank f9fb70ff9f95044_41 | fill in the blank f9fb70ff9f95044_42 | 14 |
Post appropriate transactions to the general ledger. If an amount box does not require, leave it blank.
| GENERAL LEDGER | ||||||
| Account: Cash | Account No. 101 | |||||
| Balance | ||||||
| Date | Item | Post Ref. | Debit | Credit | Debit | Credit |
| Apr. 1 | J1 | fill in the blank bc650702506b053_1 | fill in the blank bc650702506b053_2 | fill in the blank bc650702506b053_3 | fill in the blank bc650702506b053_4 | |
| 2 | J1 | fill in the blank bc650702506b053_5 | fill in the blank bc650702506b053_6 | fill in the blank bc650702506b053_7 | fill in the blank bc650702506b053_8 | |
| 8 | J1 | fill in the blank bc650702506b053_9 | fill in the blank bc650702506b053_10 | fill in the blank bc650702506b053_11 | fill in the blank bc650702506b053_12 | |
| 12 | J1 | fill in the blank bc650702506b053_13 | fill in the blank bc650702506b053_14 | fill in the blank bc650702506b053_15 | fill in the blank bc650702506b053_16 | |
| 19 | J1 | fill in the blank bc650702506b053_17 | fill in the blank bc650702506b053_18 | fill in the blank bc650702506b053_19 | fill in the blank bc650702506b053_20 | |
| 25 | J1 | fill in the blank bc650702506b053_21 | fill in the blank bc650702506b053_22 | fill in the blank bc650702506b053_23 | fill in the blank bc650702506b053_24 |
| Account: Accounts Receivable | Account No. 122 | |||||
| Balance | ||||||
| Date | Item | Post Ref. | Debit | Credit | Debit | Credit |
| Apr. 12 | J1 | fill in the blank bc650702506b053_25 | fill in the blank bc650702506b053_26 | fill in the blank bc650702506b053_27 | fill in the blank bc650702506b053_28 | |
| 25 | J1 | fill in the blank bc650702506b053_29 | fill in the blank bc650702506b053_30 | fill in the blank bc650702506b053_31 | fill in the blank bc650702506b053_32 |
| Account: Equipment | Account No. 181 | |||||
| Balance | ||||||
| Date | Item | Post Ref. | Debit | Credit | Debit | Credit |
| Apr. 8 | J1 | fill in the blank bc650702506b053_33 | fill in the blank bc650702506b053_34 | fill in the blank bc650702506b053_35 | fill in the blank bc650702506b053_36 |
| Account: Accounts Payable | Account No. 202 | |||||
| Balance | ||||||
| Date | Item | Post Ref. | Debit | Credit | Debit | Credit |
| Apr. 8 | J1 | fill in the blank bc650702506b053_37 | fill in the blank bc650702506b053_38 | fill in the blank bc650702506b053_39 | fill in the blank bc650702506b053_40 |
| Account: George Smyth, Capital | Account No. 311 | |||||
| Balance | ||||||
| Date | Item | Post Ref. | Debit | Credit | Debit | Credit |
| Apr. 1 | J1 | fill in the blank bc650702506b053_41 | fill in the blank bc650702506b053_42 | fill in the blank bc650702506b053_43 | fill in the blank bc650702506b053_44 |
| Account: Service Fees | Account No. 401 | |||||
| Balance | ||||||
| Date | Item | Post Ref. | Debit | Credit | Debit | Credit |
| Apr. 12 | J1 | fill in the blank bc650702506b053_45 | fill in the blank bc650702506b053_46 | fill in the blank bc650702506b053_47 | fill in the blank bc650702506b053_48 |
| Account: Rent Expense | Account No. 521 | |||||
| Balance | ||||||
| Date | Item | Post Ref. | Debit | Credit | Debit | Credit |
| Apr. 2 | J1 | fill in the blank bc650702506b053_49 | fill in the blank bc650702506b053_50 | fill in the blank bc650702506b053_51 | fill in the blank bc650702506b053_52 |
| Account: Electricity Expense | Account No. 533 | |||||
| Balance | ||||||
| Date | Item | Post Ref. | Debit | Credit | Debit | Credit |
| Apr. 19 | J1 | fill in the blank bc650702506b053_53 | fill in the blank bc650702506b053_54 | fill in the blank bc650702506b053_55 | fill in the blank bc650702506b053_56 |
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