Question

On May 1, 2015, Alexis Nieuwkerk established an organizing business, GO! During the month, Alexis completed the following transactions:
May 1. Deposited money into the business bank account, $600.
3. Borrowed $13,000 from her father, who said that the company can owe him for it.
6. Purchased a one-year insurance policy, $900.
10. Recorded jobs completed but not yet paid and sent invoices to customers, $3,200.
12. Purchased T-shirts imprinted with GO! for advertising purposes, using her own credit card, $560.
12. Received cash for a job to be started next month, $900.
20. Paid miscellaneous expenses, $315.
24. Received cash from customers on account, $2,200.
30. Paid wages of employees, $2,400.
Instructions
1. Journalize each transaction in a two-column journal, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Explanations may be omitted.
2. Post the journal to a ledger of three-column accounts, inserting appropriate posting references as each item is posted. Extend the balance after each transaction is posted, and note whether the balance is a debit or credit.
3. Prepare an unadjusted trial balance as at May 31, 2015.


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  • CreatedSeptember 15, 2015
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