From the following transactions for Long Company for the month of January,
a. prepare journal entries (assume that it is page 1 of the journal),
b. post to the ledger (use a four-column account), and
c. prepare a trial balance.
A partial chart of accounts includes
Cash, 111 ............ J. Long, Capital, 311
Accounts Receivable, 112 .... J. Long, Withdrawals, 312
Equipment, 121 ........ Fees Earned, 411
Accounts Payable, 211 ...... Salaries Expense, 511
201X
Jan. 1 Jan Long invested $25,000 in the business.
4 Bought from Lind Co. equipment on account, $800.
15 Billed Parent Co. for services rendered, $5,000.
18 Received $8,000 cash for services rendered.
24 Paid salary expense, $1,200.
28 Jan withdrew $800 for personal use.