Open a general journal form like the one in Exhibit 8, and label it Page 10. Then record the following transactions in the journal:

Dec. 14 Purchased equipment for $12,000, paying $4,000 as a cash down payment. 28 Paid $6,000 of the amount owed on the equipment.
Prepare three ledger account forms like the one shown in Exhibit 9.

Use the following account numbers: Cash, 111; Office Equipment, 146; and Accounts Payable, 212. Then post the two transactions from the general journal to the ledger accounts, being sure to make proper posting references. Assume that the Cash account has a debit balance of $16,000 on the day prior to the firsttransaction.

Transcribed Image Text:

Roland Consultancy Balance Sheet December 31, 2014 Assets Liabilities $2,400 S2,400 Cash Accounts receivable Supplies Land Buildings Total assets 62,400 4,000 2,000 40,000 100,000 $208,400 Accounts payable Total liabilities Owner's Equity T. Roland, capital Total liabilities and owner's equity 206,000 $208,400 General Ledger Accounts Payable Account No. 212 Balance Post. Ref. Debit Credit Debit Credit Date 2014 July 5 Item 31 31 1 2,600 12 5,200 3,000 5,200 8,200 5,600 6,280 30 680