Saved Table Tools Tara Okeefe Unit 10 Posting to the General Ledger (Assignment- 11 pa.. OTell me what you want to do Comments File Design References Mailings Review View Help Design Share Home Insert Draw Layout Layout OFind Cut 10A AAa Ap E Arial AaBbCcD AaBbC AaBbCc AaBbCcD AaBbCcD Replace Paste Copy Format Painter Dictate 1 No Spac. Heading 4 XxA- A Heading 1 Heading 2 Heading 3 BIU Select Clipboard Font Paragraph Styles Editing Voice MODULE 4- THE GENERAL JOURNAL, GENERAL LEDGER, AND TRIAL BALANCE The units in Module 4, Units 9 through 11, explain how to enter financial transactions in the General Journal and transfer the entries to the General Ledge, You will also see how to prepare a Trial Balance by summarizing the information in the General Ledger. Problem 10-2: Journalize and post transactions On November 1, XXX1, Harry Simmons opened a tailor shop. His business had a number of transactions during the month of November. The General Ledger accounts were set up from the following chart of accounts the chart of accounts below, complete the following activities for Henry Simmons: Using Journalize the transactions. transactions dger accounts. o. Note: After posting, check your accuracy by calculating the balance of each general ledger account and entering each balance in the two-column form at the end. Remember, the debit balances must equal the credit balances, or you know you have made an error. Even when the debits and credits balance, it does not guarantee that you have made no errors, y S have an error that it doesh t indicate wrong account, posting the same wrong ounts, not posting an entire entry, etc.). However, if they equal, it usually means that you have not made a lot of errors. Account Number Account Name Cash Accounts Receivable Brent 111 112 114 Supplies Equipment Accounts Payable Rose Harrv Simmons. Capital 118 211 311 1505 words C Page 6 of 13 1200 2:25 PM Type here to search mak 7/2/2019 Saved Table Tools Unit 10 Posting to the General Ledger (Assignment- 11 pa.. Tara Okeefe OTell me what you want to do Comments File Design References Mailings Review View Help Design Share Home Insert Draw Layout Layout OFind Cut 10 A AAa Ap Arial AaBbCcD AaBbC AaBbCc AaBbCcD AaBbCcD Replace Paste Copy Format Painter EE Dictate 1 No Spac.. Heading 4 XxA- A Heading 1 Heading 2 Heading 3 Select B IU Clipboard Paragraph Styles Editing Voice Font Account Number 11 Account Name Cash Accounts Receivable Brent 112 114 Supplies Equipment 118 se Conital Hamis Paya 312 Harry Simmons, Drawing 411 Income 511 Advertising Expense Rent Expense 512 ense 514 Mr the Rockwall Bank to open the business. November 3 He paid $225 Cash for rent for the month November 5 He bought equipment worth $750 from Rose, Inc.; he paid $250 cash and charged $500 on account. He bought supplies for $150 cash. November 6 November 6 os received income for the week of $215 in cash. S November 12 November 14 November 15 November 20 November 23 Mr. Simmons received income for the week of $285 in cash. He paid $40 cash for utilities expense He paid Rose $50 cash on account He paid $25 cash for equipment repairs. He paid Rose $50 cash on account, for personal November 30 Mr Simmons sent a bill for services rendered to John Brent for $150 1505 words C Page 6 of 13 1200 2:25 PM O Type here to search mak 7/2/2019 Saved Table Tools Tara Okeefe Unit 10 Posting to the General Ledger (Assignment- 11 pa.. OTell me what you want to do Comments File Design References Mailings Review View Help Design Share Home Insert Draw Layout Layout OFind Cut 10 A A Aa- A EEE A Arial AaBbCcD AaBbC AaBbCc AaBbCcD AaBbCcD Replace Paste Copy Format Painter Dictate Heading 4 XxA- A Heading 3 1 No Spac... Heading 1 Heading 2 BIU Select Clipboard styles Paragraph Editing Voice Fom GENERAL JDURNAL DATE Nov ACCOUNTS AND EXPLANATION REF. I DEBT Cr Started business with $10,000 cash deposit in bank Paid $225 cash for November rent Purchased equipment from Rose for $750 ($250 cesh and $500 on account) Purchased supplies for $150 cash 215 caah rproviding talloring ceices 10 Pald $30 for advertisement in local newspaper $285 cash providing tailoring services 14 Paid $40 r utilities Pad Rose $50 on account (part of amount owed 1505 words C Page 6 of 13 2:26 PM O Type here to search mak 7/2/2019 Saved Table Tools Tara Okeefe Unit 10 Posting to the General Ledger (Assignment- 11 pa.. OTell me what you want to do Comments File Design References Mailings Review View Help Design Share Home Insert Draw Layout Layout OFind Cut 10A AAa Ap E Arial AaBbCcD AaBbC AaBbCc AaBbCcD AaBb CcD Replace Paste Copy Format Painter Dictate 1 No Spac. Heading 4 XxA-- A Heading 1 Heading 2 Heading 3 BIU Select Clipboard styles Paragraph Editing Voice Font Problem 10-2 (continued) GENERAL JOURNAL Page 2 CREDIT ACCOUNTS AND EXPLANATION REE DEBIT DATE Nov. 20 Paid $25 for repairs to equipment 23 Paid Rose $50 on account (part 30 famount owed) Mr. Simmons withdrew $175 cash for personal use 30 Sent $150 bill to Brent for tailoring services provided on account 1505 words C Page 6 of 13 onas 2:26 PM Type here to search mak 7/2/2019 Saved Table Tools Tara Okeefe Unit 10 Posting to the General Ledger (Assignment- 11 pa.. OTell me what you want to do Comments File Design References Mailings Review View Help Design Share Home Insert Draw Layout Layout OFind Cut EEE E 10 A AAa A Arial AaBbCcD AaBbC AaBbCc AaBbCcD AaBbCcD Replace Paste Copy Format Painter Dictate 1 No Spac. Heading 4 XxA-- A Heading 3 I U Heading 1 Heading 2 Select Clipboard Styles Paragraph Editing Voice Font Problem 10-2 (continued) Cash Account No. 111 REF. CREDIT DATE XPANATN EXPLANATION REF DEBIT Account Receivable Brent Account No. 112 DATE EXPLANATION REF DATE EXPLANATIRN Supplies Account No. 114 Xr ANATIN DATE EXFLANATION DATE HEF CEXT EF DEET Equipment Account No. 118 DATE EXPLANAION EXPLANATION REF. CREDIT DEBIT E 1505 words C Page 6 of 13 2:26 PM Type here to search ff 7/2/2019 Saved Table Tools Tara Okeefe Unit 10 Posting to the General Ledger (Assignment- 11 pa.. OTell me what you want to do Comments File Design References Mailings Review View Help Design Share Home Insert Draw Layout Layout OFind Cut EEE E 10 A AAa A Arial AaBbCcD AaBbCAaBbCe AaBbCcD AaBbCcD Replace Paste Copy Format Painter E E Dictate X, xA- -A 1 No Spac.. Heading 4 B IU Heading 1 Heading 2 Heading 3 Select Clipboard Styles Editing Voice Font aunits in Modude 4 Unts 9through 1 prapara a Trial Halanpe by summaring the intomafon in the Ceneraled pain how s Paragrap ions in the tloneral Joumal and transter the antrias tn the tanal adg You will asn see how to Problem 0-2 (continued) Account Payable - Rose Account No. 211 EXPLANATICN EXPLANATION REF DATE REF DEBIT TATE CREDNT Harry Simmons. Capital Account No. 311 EXPLANATION HEF. EXPIAIATRN FEF. Crlac DATE ATE Hary Simmons, Drawing Account No. 312 DEET ATE ATE FXFANATION FEF EXPLANATION CREET- Income Account No. 411 EXPLANATION REF DATE EXPLANATON ATE DEBIT REF CRENT 1505 words C Page 6 of 13 Lonos 2:26 PM O Type here to search 7/2/2019 Saved Table Tools Unit 10 Posting to the General Ledger (Assignment- 11 pa.. Tara Okeefe OTell me what you want to do Comments File Design References Mailings Review View Help Design Share Home Insert Draw Layout Layout OFind Cut 10 A AAa A Arial AaBbCcD AaBbC AaBbCc AaBbCcD AaBbCcD Replace Paste Copy Format Painter Dictate X, xA- -A 1 No Spac. Heading 4 Heading 2 Heading 1 Heading 3 Select BI U Clipboard Font Paragraph Styles Editing Voice MODULE 4 TIE GENCRAL JOURNAL, GENERAL LEDGER, AND TRIAL BALANCE The units in dde 4, Units 9 through 11, expi ere nac Uansactons in the General Joumal and transfer the entries to the General Ledge. You will aso see how 10 prepare a Trial Balance by summarizing 1 General Ledger Problem 10-2 (continued) Advertising Expense Account No. 511 REF. REF EXPLANATION DATE EXPLANATION DATE DEBIT CREDIT Rent Expense Account No. 512 LYULANA ION EXPLANATIOON ATE E EHI DATE REF CREDIT Repairs Expense Account No. 513 EXPLANATION EXPLANATION DATE REF I REF CREDIT DEBI DATE Utilities Expense Account No. 514 LREF CREDIT DATE EXPLANATION REF DEBIT EXPLANATION DATE 1505 words Page 6 of 13 onas 2:26 PM Type here to search f 7/2/2019 Saved Table Tools Tara Okeefe Unit 10 Posting to the General Ledger (Assignment- 11 pa.. OTell me what you want to do Comments File Design References Mailings Review View Help Design Share Home Insert Draw Layout Layout OFind Cut 10A AAa Ap E Arial AaBbCcD AaBbC AaBbCc AaBbCcD AaBbCcD Replace Paste Copy Format Painter Dictate 1 No Spac. Heading 4 X xA- -A Heading 1 Heading 2 Heading 3 BIU Select Clipboard Paragraph Styles Editing Voice Font MODULE 4-THE GENERAL JOURNAL, GENERAL LEDGER, AND TRIAL BALANCE entries sce how to renare a Trial Balance by summarizing the information in the General Ledae to the General edge You will also Check the accuracy of your journal entries and postings by determining the balance of each general ledger account and entering each balance in the appropriate debit or credit column below. Both debit and credit column totals should be $11,050. If not, check for and correct any errors you can find. Account Debit Number 111 112 Account Title Credit Cash Accounts Receivable - Brent Supplies 119 Accounts Payable-Rose Harry Simmons, Capital Harry Simmons, Drawing 21 311 312 411 Income Advertising Expense 511 Repairs Expense Utilities Expense 513 514 11,050 Totals 11.050 1505 words C Page 6 of 13 1200 2:26 PM O Type here to search 7/2/2019