Geo Inc. had the following account balances on January 1, Year 2: Accounts Payable 716 Accounts...

 

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Geo Inc. had the following account balances on January 1, Year 2: Accounts Payable 716 Accounts Receivable 1,900 1,900 15,000 2,300 3,600 4,036 4,400 Cash Common Stock Equipment Notes Payable Retained Earnings Salaries and Wages Expense Supplies 1,180 A. Paid $716 on account for utilities that were used during December Year 1. B. Purchased $468 of supplies for cash. C. Signed a rental agreement for office space and paid $5,300 in advance for six months of rent beginning February 1, Year 2. D. Purchased $16,000 of new equipment, signing a promissory note. E. Provided $30,500 of services. $18,500 was received in cash and $12,000 was provided on credit. F. Paid workers $6,600 for work done in January. Required: Prepare journal entries for each of the following January activities, and post results to the relevant T-accounts. Compute the ending balance of each T-account. Beginning balances have been entered. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Geo Inc. had the following account balances on January 1, Year 2: Accounts Payable 716 Accounts Receivable 1,900 1,900 15,000 2,300 3,600 4,036 4,400 Cash Common Stock Equipment Notes Payable Retained Earnings Salaries and Wages Expense Supplies 1,180 A. Paid $716 on account for utilities that were used during December Year 1. B. Purchased $468 of supplies for cash. C. Signed a rental agreement for office space and paid $5,300 in advance for six months of rent beginning February 1, Year 2. D. Purchased $16,000 of new equipment, signing a promissory note. E. Provided $30,500 of services. $18,500 was received in cash and $12,000 was provided on credit. F. Paid workers $6,600 for work done in January. Required: Prepare journal entries for each of the following January activities, and post results to the relevant T-accounts. Compute the ending balance of each T-account. Beginning balances have been entered. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)