How will this entry be posted in the ledger accounts? The $30,000 will be posted to the credit side of the Common Stock account. The closing balance of cash is $19,200, the closing balance of office supplies is $3,400 and the closing balance of accounts payable is $1,600.
- 25 Received $1,900 cash for design services to be performed in December.
- The cash ledger account is an asset account in which all the cash income and cash payments of an entity are recorded.
- 31 The business received $1,000 for medical screening services to be performed next month.
- Jun. 1 Parker opened an accounting firm by contributing $13,200 cash and office furniture with a fair market value of $5,300 in exchange for common stock.
28 The business received a bill for advertising in the daily newspaper to be paid in April, $220. 9 Paid $14,000 cash to purchase land to be used in operations. 7 Paid $27,000 cash to acquire land to be used in operations. Nov. 1 Received $41,000 cash and issued common stock to Stewart. 18 Received a bill for utilities to be paid next month, $370.
Cash
25 Received $1,900 cash for design services to be performed in December. Explain the five steps in journalizing and posting transactions. 21 Paid $500 of the accounts payable created on June 9. 31 Paid employees’ salaries $2,100, office rent $1,500, and utilities $350. Post transactions to the Cash T-account and calculate the ending balance. 14 Paid for the furniture purchased on November 4 on account.
- Journalize the following transactions in the books Mr. Akbar, post them in ledgers, and prepare the trial balance and Financial Statements.
- How will this entry be posted in the ledger accounts?
- 18 Received a bill for utilities to be paid next month, $370.
31 Revenues earned during the month included $6,700 cash and $5,800 on account. 10 Performed services for a hotel and received its promise to pay the $800 within one week.
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Jun. 1 Parker opened an accounting firm by contributing $13,200 cash and office furniture with a fair market value of $5,300 in exchange for common stock. The cash ledger account is an asset account in which all the cash income and cash payments of an entity are recorded. At the end of the period the balance of the account should agree with the balance as per the bank statement. 31 The business received $1,000 for medical screening services to be performed next month. Journalize the following transactions in the books Mr. Akbar, post them in ledgers, and prepare the trial balance and Financial Statements. 4 Purchased office supplies, $1,200, and furniture, $2,300, on account.
