aylor’s transactions for November are as follows: Nov. 1 Paid rent, $300. 2 Purchased tailoring supplies on account, $150. 3 Purchased a new button hole machine on account, $300. 5 Earned first week’s revenue, $400: $100 in cash and $300 on account. 8 Paid for newspaper advertising, $13. 9 Paid phone bill, $28. 10 Paid electric bill, $21. 11 Received cash on account from customers, $200. 12 Earned second week’s revenue, $450: $200 in cash and $250 on account. 15 Paid assistant, $400. 16 Made payment on account, $100. 17 Paid for magazine subscription (miscellaneous expense), $12. 19 Earned third week’s revenue, $450: $300 in cash, $150 on account. 23 Received cash on account from customers, $300. 24 Paid for newspaper advertising, $13. 26 Paid for postage (miscellaneous expense), $12. 27 Earned fourth week’s revenue, $600: $200 in cash and $400 on account. 30 Received cash on account from customers, $400. Required: 1. General ledger accounts and balances as of November 1, 20-- are provided. 2. Journalize the transactions for November in a two-column general journal. Use the following journal page numbers: November 1–11, page 7; November 12–24, page 8; November 26–30, page 9. 3. Post the entries to the general ledger. 4. Prepare a trial balance.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

aylor’s transactions for November are as follows:

Nov. 1	Paid rent, $300.
2	Purchased tailoring supplies on account, $150.
3	Purchased a new button hole machine on account, $300.
5	Earned first week’s revenue, $400: $100 in cash and $300 on account.
8	Paid for newspaper advertising, $13.
9	Paid phone bill, $28.
10	Paid electric bill, $21.
11	Received cash on account from customers, $200.
12	Earned second week’s revenue, $450: $200 in cash and $250 on account.
15	Paid assistant, $400.
16	Made payment on account, $100.
17	Paid for magazine subscription (miscellaneous expense), $12.
19	Earned third week’s revenue, $450: $300 in cash, $150 on account.
23	Received cash on account from customers, $300.
24	Paid for newspaper advertising, $13.
26	Paid for postage (miscellaneous expense), $12.
27	Earned fourth week’s revenue, $600: $200 in cash and $400 on account.
30	Received cash on account from customers, $400.

Required:

1.	General ledger accounts and balances as of November 1, 20-- are provided.
2.	Journalize the transactions for November in a two-column general journal. Use the following journal page numbers: November 1–11, page 7; November 12–24, page 8; November 26–30, page 9.
3.	Post the entries to the general ledger.
4.	Prepare a trial balance.

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