Question: From the following transactions for Long Company for the month

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),
(c) Prepare a trial balance.
201X
Jan. 1 Jan Long invested $12,000 in the business.
4 Bought from Mesa Co. equipment on account, $2,300.
15 Billed Buddy Co. for services rendered, $1,000.
18 Received $2,000 cash for services rendered.
24 Paid salaries expense, $1,400.
28 Jan withdrew $500 for personal use.
A partial chart of accounts includes Cash, 111; Accounts Receivable, 112; Equipment, 121; Accounts Payable, 211; J. Long, Capital, 311; J. Long, Withdrawals, 312; Fees Earned, 411; and Salaries Expense, 511.



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  • CreatedApril 24, 2014
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