Presented below is the ledger for Bowman Co. Instructions(a) Reproduce the journal entries for the transactions that
Question:
Presented below is the ledger for Bowman Co.
Instructions(a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.(b) Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31,2012.
Cash No. 101 Owner's Capital No. 301 3,000 10/4 500 10/12 4,000 10/15 500 10/30 2,000 | 10/31 10/1 400 10/1 3,000 1,500 250 10/10 10/25 2,000 10/10 Owner's Drawings No. 306 10/20 300 500 10/25 10/30 300 No. 400 Accounts Receivable No. 112 Service Revenue 800 10/20 940 10/6 500 10/6 800 10/20 10/10 500 10/20 940 Supplies No. 126 Salaries and Wages Expense No. 726 500 | 10/31 10/4 400 Rent Expense No. 729 Equipment No. 157 10/3 2,000 10/15 250 Notes Payable No. 200 10/10 4,000 Accounts Payable No. 201 1,500 10/3 2,000 10/12
Step by Step Answer:
a Oct 1 Cash 3000 Owners Capital 3000 Owners investment of cash in busines...View the full answer
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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