On August 1, 2015. Lincoln Services was started to record the following transaction in the general provided
Question:
On August 1, 2015. Lincoln Services was started to record the following transaction in the general provided and the post each transaction to the general ledgers that are also provided. the general ledgers have their chart of account number assigned.
the business transaction for august are following:
August 1 Lincoln Services contributed $ 10,000 in cash, a building worth $20,000 and supplies worth $ 5,000 to the business.
August 4 Lincoln Service purchased $ 15, 000 of equipment paying $ 1,000 in cash and signing a 2 year 10% note for the remainder.
August 7 Provided professional services to customers for $ 3,000 cash and $ 8,000 on credit.
August 10 Used up $1, 000 worth of supplies.
August 11 Paid salaries of employees at $ 2,000.
August 25 Paid the rent for August $ 900.
August 30 Borrowed $ 10,000 from the local bank, signing a 90 day 10% note.
Reference # Journal and Post:
Cash 101/ Account receivable 102/ Supplies 103/ Building 105/ Equipment 107/ Notes Payeble 203/ Capital 301/ Withdrawal 302/ Services Revenue 401/ Supply Expense 501/ Saalary Expense 503/ Rent Expense 505.
Expert Answer:
