FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Framming, Inc. started business in January 2024. The following transactions occured during this first year of business.
Requirements:
a. Enter each transaction into the Journal.
b.
c. Calculate the BALANCE of each account in the General Ledger.
4-Jan Framming, Inc. began operations by issuing commons stock for receipt of $15,000 worth of office furniture and $5,000 cash.
6-Jan Framming, Inc. purchased $2,500 of offices supplies on account.
9-Jan Framming, Inc. provided $1,800 of services and received cash payment.
15-Jan Framming, Inc. purchased a two-year liability insurance policy for $2,800 cash.
16-Jan Framming, Inc. paid $1,200 on account (from the purchase of office supplies).
20-Jan Framming, Inc. provided $4,000 of services. The amount is due in 30 days.
22-Jan Framming, Inc. received $6,600 from a customer for services to be provided over the next 18 months.
30-Jan Framming, Inc. collected $2,500 from customers as partial payments on their accounts.
30-Jan Framming, Inc. paid $1,800 in salaries
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