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General Ledger Accounts Set up T accounts for each of the general ledger accounts needed for the following transactions. Invested cash in the business, $4,000.

General Ledger Accounts Set up T accounts for each of the general ledger accounts needed for the following transactions. Invested cash in the business, $4,000.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 9PB: Prepare journal entries to record the following transactions. Create a T-account for Cash, post any...
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General Ledger Accounts

Set up T accounts for each of the general ledger accounts needed for the following transactions.

  1. Invested cash in the business, $4,000.
  2. Paid office rent, $500.
  3. Purchased office supplies on account, $300.
  4. Received cash for services rendered (fees), $400.
  5. Paid cash on account, $50.
  6. Rendered services on account, $300.
  7. Received cash for an amount owed by a customer, $100.

Post debits and credits to the accounts. Foot the accounts and enter the balances.

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