Selected transactions for Bramble Company during its first month in business are presented below. Sept. 1...
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Selected transactions for Bramble Company during its first month in business are presented below. Sept. 1 Invested $22.000 cash in the business. 5 11 25 29 30 Purchased equipment for $18,000 paying $5,700 in cash and the balance on account. Performed $3,800 of services for clients, collecting $900 cash and billing them for the remainder. Paid $7.100 cash on balance owed for equipment. Withdrew $570 cash for personal use. Collected $1,600 from the clients from the September 11 transactions. The chart of accounts shows: No. 101 Cash, No. 112 Accounts Receivable, No. 157 Equipment, No. 201 Accounts Payable, No. 301 Owner's Capital, No. 306 Owner's Drawings, and No. 400 Service Revenue Post the transactions using the standard account form. (Post entries in the order of journal entries presented in the previous part.) Cash Date Explanation Ref Accounts Receivable 31 31 31 31 31 31 Date: Explanation Ref 31 31 Debit Debit I Credit Credit No. 101 Balance No. 112 Balance Equipment Date Explanation Ref Accounts Payable Date Explanation Ref Owner's Capital Date Explana Owner's Drawings 31 Service Revenue 31 31 Ref 31 Date Explanation Ref 31 Date Explanation Ref 31 Debit Debit Debit Debit Debit Credit Credit Credit Credit Credit Balance Balance Balance No. 157 Balance No. 201 No. 306 Balance: No. 301 No. 400 Selected transactions for Bramble Company during its first month in business are presented below. Sept. 1 Invested $22.000 cash in the business. 5 11 25 29 30 Purchased equipment for $18,000 paying $5,700 in cash and the balance on account. Performed $3,800 of services for clients, collecting $900 cash and billing them for the remainder. Paid $7.100 cash on balance owed for equipment. Withdrew $570 cash for personal use. Collected $1,600 from the clients from the September 11 transactions. The chart of accounts shows: No. 101 Cash, No. 112 Accounts Receivable, No. 157 Equipment, No. 201 Accounts Payable, No. 301 Owner's Capital, No. 306 Owner's Drawings, and No. 400 Service Revenue Post the transactions using the standard account form. (Post entries in the order of journal entries presented in the previous part.) Cash Date Explanation Ref Accounts Receivable 31 31 31 31 31 31 Date: Explanation Ref 31 31 Debit Debit I Credit Credit No. 101 Balance No. 112 Balance Equipment Date Explanation Ref Accounts Payable Date Explanation Ref Owner's Capital Date Explana Owner's Drawings 31 Service Revenue 31 31 Ref 31 Date Explanation Ref 31 Date Explanation Ref 31 Debit Debit Debit Debit Debit Credit Credit Credit Credit Credit Balance Balance Balance No. 157 Balance No. 201 No. 306 Balance: No. 301 No. 400
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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