The books have been closed for the first year of
The books have been closed for the first year of business for Sanchez Computer Center. The company ended up with a marginal profit for the first three months in operation. Tony expects faster growth as he enters a busy season.
Following is a list of transactions for the month of October. Petty Cash account #1010 and Miscellaneous Expense account #5100 have been added to the chart of accounts.
Oct. 1 Paid rent for November, December, and January, $1,200 (check no. 8108).
2 Established a petty cash fund for $100.
4 Collected $3,600 from a cash customer for building five systems.
5 Collected $2,600, the amount due from A. Pitale’s invoice no. 12674, customer on account.
6 Purchased $25 worth of stamps using petty cash voucher no. 101.
7 Withdrew $2,000 (check no. 8109) for personal use.
8 Purchased $22 worth of supplies using petty cash voucher no. 102.
12 Paid the newspaper carrier $10 using petty cash voucher no. 103.
16 Paid the amount due on the September phone bill, $65 (check no. 8110).
17 Paid the amount due on the September electric bill, $95 (check no. 8111).
22 Performed computer services for Taylor Golf; billed the client $4,200 (invoice no. 12675).
23 Paid $20 for computer paper using petty cash voucher no. 104.
30 Took $15 out of petty cash for lunch, voucher no. 105.
31 Replenished the petty cash. Coin and currency in drawer total $8.
Because Tony was so busy trying to close his books, he forgot to reconcile his last three months of bank statements. A list of all deposits and checks written for the past three months (each entry is identified by chapter, transaction date, or transaction letter) and the bank statements for July through September are provided. The statement for October won’t arrive until the first week of November.
1. Record the transactions in general journal or petty cash format.
2. Post the transactions to the general ledger accounts.
3. Prepare a trial balance.
4. Compare the Computer Center’s deposits and checks with the bank statements and complete a bank reconciliation as of September 30, 201X.
Sanchez Computer Center Summary of Deposits and Checks

Received statement July 29, 201X.

Received statement September 29,201X.
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