Selected accounts from the general ledger of Mason Consulting Services follow. Record the general journal entries that would be made
111 Accounts Receivable
202 Accounts Payable
301 Zack Mason, Capital
302 Zack Mason, Drawing
401 Fees Income
511 Rent Expense
514 Salaries Expense
517 Telephone Expense
Sept. 1 Zack Mason invested $30,000 in cash to start the firm.
4 Purchased office equipment for $3,250 on credit from Den, Inc.; received Invoice
9823, payable in 30 days.
16 Purchased an automobile that will be used to visit clients; issued Check 1001 for
$15,000 in full payment.
20 Purchased supplies for $260; paid immediately with Check 1002.
23 Returned damaged supplies for a cash refund of $85.
30 Issued Check 1003 for $2,100 to Den, Inc., as payment on account for Invoice
30 Withdrew $1,500 in cash for personal expenses.
30 Issued Check 1004 for $3,500 to pay the rent for October.
30 Performed services for $7,325 in cash.
30 Paid $220 for monthly telephone bill, Check 1005.
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Chapter # 4- The General Journal and the General Ledger
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Question Posted: June 24, 2017 08:35:32