Presented below is the ledger for Maxim Co.

Instructions

(a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.

(b) Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 3 1 , 2006.

Transcribed Image Text:

Cash No. 101 Common Stock No. 311 10/1 5,000 10/4 400 10/1 5,000 10/10 650 10/12 1.500 10/25 2,000 10/10 3,000 10/15 250 10/20 500 10/30 Dividends No. 332 300 10/25 2,000 10/31 500 10/30 300 Accounts Receivable No. 112 Service Revenue No. 407 10/6 800 10/20 500 10/6 800 10/20 940 10/10 650 10/20 940 Store Wages Expense No. 628 Supplies No. 126 10/4 400 10/31 500 Furniture No. 149 Rent Expense No. 729 10/3 2,000 10/15 250 Notes Payable No. 200 10/10 3,000 Accounts Payable No. 201 10/12 1.500 | 10/3 2,000