Question: The following transactions took place during the rst two weeks

The following transactions took place during the first two weeks of operations of Not So Taxing, Inc., a walk-in tax preparation service.
Mar.2 Issued common stock of the corporation in exchange for $200,000 cash.
Mar.3 Purchased $4,000 of supplies on account from Kidd Supply Company.
Mar.4 Paid $3,000 of office rent for March.
Mar.5 Completed tax work for Mr. East and billed him $650.
Mar.6 Received a total of $7,400 from customers for services provided during the week.
Mar.9 Received a $1,000 advance from Mr. West for tax services that have not yet been provided.
Mar.10 Placed a telephone order for a $550 laser printer.
Mar.11 Paid $1,200 to Kidd Supply Company.
Mar.12 Received $450 from Mr. East.
Mar.13 Paid an employee $790 for two weeks work.
Mar.13 Received $3,700 cash from customers for services provided during the week.
Required:
(a) Enter the transactions into the general journal.
(b) Post the transactions to the general ledger and calculate balances for each account. Verify that the ledger is in balance.

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  • CreatedMarch 27, 2015
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