On 1 July 2018 Nicole Andreou opened a beauty parlour. The following transactions occurred during the first

Question:

On 1 July 2018 Nicole Andreou opened a beauty parlour. The following transactions occurred during the first month of operations (ignore GST).

image text in transcribed

Use the following account titles and numbers: Cash at Bank, 100; Accounts Receivable, 101; Supplies, 102; Equipment, 103; Loan Payable, 200; Nicole Andreou, Capital, 300; Nicole Andreou, Drawings, 301; Revenue, 400; Rent Expense, 500; Advertising Expense, 501; Insurance Expense, 502; Telephone Expense, 503.

Required

(a) Prepare the general journal entries to record the transactions.

(b) Post the entries from the general journal to the general ledger accounts (running balance format) and enter the posting references in the general journal.

(c) Prepare a trial balance as at 31 July 2018.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial Accounting

ISBN: 9780730363217

10th Edition

Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie, Andreas Hellmann, Jodie Maxfield

Question Posted: