ABC Company had the following transactions during the month of January:

• January 1: Purchased merchandise for $15,000 on credit from XYZ Company.
• January 10: Sold merchandise for $25,000 on credit to a customer.
• January 15: Received $10,000 cash from a customer who had previously purchased merchandise on credit.
• January 20: Paid $5,000 cash to XYZ Company for merchandise purchased on credit.
• January 25: Paid $2,000 cash for rent expense.
• January 31: Received a bill for utilities expense in the amount of $1,000.

Prepare the journal entries for these transactions and post them to the ledger. Then, prepare the trial balance as of January 31.

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Date Account Debit Credit Jan 1 Invento... View the full answer