From the following transactions for Long Company for the month of January, (a) Prepare journal entries (assume
Question:
(a) Prepare journal entries (assume that it is page 1 of the journal),
(b) Post to the ledger (use a four-column account),
(c) Prepare a trial balance.
201X
Jan. 1 Jan Long invested $12,000 in the business.
4 Bought from Mesa Co. equipment on account, $2,300.
15 Billed Buddy Co. for services rendered, $1,000.
18 Received $2,000 cash for services rendered.
24 Paid salaries expense, $1,400.
28 Jan withdrew $500 for personal use.
A partial chart of accounts includes Cash, 111; Accounts Receivable, 112; Equipment, 121; Accounts Payable, 211; J. Long, Capital, 311; J. Long, Withdrawals, 312; Fees Earned, 411; and Salaries Expense, 511.
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A Date 201X Account Titles and Description PR Dr Cr Jan 1 Cash 111 12 0 0 0 00 J Long Capital 311 12 ...View the full answer
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