Post these transactions from each General Journal into the General Ledger accounts.When posting transactions to the general ledger, use the transaction letters a, b, c, d, or e as the description for each entry. Also, the dates must be entered in the format dd/mmm (ie, 15/Jan). Date1/Nov SuppliesGeneral JournalAccount/ExplanationShare Capital(a)6/Nov SuppliesAccounts Payable(b)11/Nov CashRent Earned(c)14/Nov Accounts PayableCash(d)15/Nov Accounts PayableSupplies(e)F Debit95,0003001,30010377Page GJ7Credit95,0003001,30010377Cash Account No. 101Date Desc. F Debit Credit BalanceAccounts Payable Account No. 201Date Desc. F Debit Credit BalanceShare Capital Account No. 301Date Desc. F Debit Credit BalanceSupplies Account No. 126Date Desc. F Debit Credit BalanceRent Earned Account No. 406Date Desc. F Debit Credit Balance

After posting each journal entry in respective ledgers, we will get closing balance of all the…

General Journal Account/Explanation Date 1/Nov Supplies Share Capital (a) 6/Nov Supplies Accounts Payable (b) 11/Nov Cash Rent Earned (c) 14/Nov Accounts Payable Cash F Page GJ7 Debit Credit 95,000 300 1,300 103 95,000 300 1,300 103 Cash Account No. 101 Date Desc. F Debit Credit Balance Accounts Payable Account No. 201 Date Desc. F Debit Credit Balance

General Journal Account/Explanation Date 1/Nov Supplies Share Capital (a) 6/Nov Supplies Accounts Payable (b) 11/Nov Cash Rent Earned (c) 14/Nov Accounts Payable Cash F Page GJ7 Debit Credit 95,000 300 1,300 103 95,000 300 1,300 103 Cash Account No. 101 Date Desc. F Debit Credit Balance Accounts Payable Account No. 201 Date Desc. F Debit Credit Balance

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13GI

See similar textbooks

Similar questions

Shttps://anu.instructure.comytourses/7789/quires/34131/take Question 7 Sps What is the impact on the accounting equatioon when an accunts receivable is collected? both sides increase both sides decrease only the Asset side changes the total of neither side changes Question 8 Spts
Account for accountspayable and analyzeaccounts payableturnover
JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13
Received interest revenue of RO. 525. In the Interest revenue ledger Select one: O a. Interest revenue OR 525 - On the debit b. Interest revenue OR 725 - On the credit O c. Interest revenue OR 525 - On the credit O d. Interest revenue OR 725 - On the debit
Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.
Credit termog 1/10, n/30 means
Harrigan Service Company, Inc., was incorporated by lan Harrigan and five other managers. The following activities occurred during the year: 1. Received $71,400 cash from the managers; each was issued 1,190 shares. 2. Purchased equipment for use in the business at a cost of $50,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). 3. Signed an agreement with a cleaning service to pay it $690 per week for cleaning the corporate offices, beginning next week. 4. Ian Harrigan borrowed $19,500 for personal use from a local bank, signing a one-year note.
JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 3 4 5 6 7 8 9 10 11
Which of the following accounts is increased by a debit?A. Common StockB. Accounts PayableC. SuppliesD. Service Revenue
Listed below are selected events transactions relating to Kingbird, Inc. for the current year ending December 31. Kingbird manufactures laptop computers for sale in its own stores and for sale by other retailers. On December 1, Kingbird accepted an order from a new customer, Coronado Computers. Coronado has a questionable credit history, so Kingbird requires a $12,000 deposit from Coronado in order to begin production on its order. 1. During December, cash sales at Kingbird's retail locations totaled $5,029,000, which includes the 7% sales tax Kingbird must remit to the state by the fifteenth day of the following month. 2. During the year, Kingbird was sued by a competitor for a patent violation. The competitor is claiming that Kingbird's liability is $3,000,000. Kingbird's attorneys have advised it that it is probable that the court will find for the company's competitor. The attorneys estimate that the liability under the suit could be as little as $120,000 or as much as $600,000.…
Discuss the different part of SAGE 50 Peachtree A.payables B.receivable C.inventory D.payroll
ME12Accounts with normal credit balances include: a) Assets and liabilitiesb) Revenues and expensesc) Liabilities and revenuesd) Revenues and assets