Exercise 3.11 (Static) Journalizing, Posting, and Preparing a Trial Balance (LO3-3, LO3-5, LO3-8, LO3-9)

Georgia Corporation incorporated on September 2, current year. The company engaged in the following transactions during its first month of operations.

Sept.	2		Issued capital stock in exchange for $1,170,000 cash.
Sept.	4		Purchased land and a building for $1,080,000. The value of the land was $240,000, and the value of the building was $840,000. The company paid $120,000 cash and issued a note payable for the balance.
Sept.	12		Purchased office supplies for $600 on account. The supplies will last for several months.
Sept.	19		Billed clients $216,000 on account.
Sept.	29		Recorded and paid salary expense of $72,000.
Sept.	30		Received $132,000 from clients billed on September 19.

A partial list of the account titles used by the company includes the following.

Cash	Notes Payable
Accounts Receivable	Accounts Payable
Office Supplies	Capital Stock
Land	Client Revenue
Building	Salary Expense

Question: Post each entry to the appropriate ledger accounts.

Post each entry to the appropriate ledger accounts.

Cash					Accounts Receivable
Sep. 2	1,170,000	120,000	Sep. 4		Sep. 19	216,000
Sep. 30	132,000	72,000	Sep. 29				132,000
					Sep. 30 Bal.	84,000
Sep. 30 Bal.	1,110,000
Office Supplies					Land
Sep. 12	600				Sep. 4	240,000
Sep. 30 Bal.	600				Sep. 30 Bal.	240,000
Building					Notes Payable
Sep. 4	840,000						960,000	Sep. 4
Sep. 30 Bal.	840,000				Sep. 30 Bal.		960,000
Accounts Payable					Capital Stock
		600					1,170,000
Sep. 30 Bal.		600			Sep. 30 Bal.		1,170,000
Client Revenue					Salary Expense
		216,000	Sep. 19		Sep. 29	72,000
Sep. 30 Bal.		216,000			Sep. 30 Bal.	72,000