On October 1, 20X1, Shonna Pumphrey opened an advertising agency. She plans to use the chart of accounts listed below.

INSTRUCTIONS

1. Journalize the transactions. Number the journal page 1, write the year at the top of the Date column, and include a description for each entry.

2. Post to the ledger accounts. Before you start the posting process, open accounts by entering account names and numbers in the headings. Follow the order of the accounts in the chart of accounts.

Table Summary: 

Table has transaction dates from the month of October in first column and a description of the transactions in the second column.

Analyze: 

What is the balance of account 202 in the general ledger?

Transcribed Image Text:

O O O O O ASSETS 101 Cash 111 Accounts Receivable 121 Supplies 137 Prepaid Rent 141 Office Equipment 151 Art Equipment LIABILITIES 202 Accounts Payable OWNER'S EQUITY 301 Shonna Pumphrey, Capital 302 Shonna Pumphrey, Drawing REVENUE 401 Fees Income EXPENSES 511 Office Cleaning Expense 517 Salaries Expense 520 Telephone Expense 523 Utilities Expense