through each part. Enter the transactions into the T $-$accounts and then into the four$-$column ledgers. Be sure to calculate the balance after each entry in the four$-$column ledgers. On Dec. $5,$ collected $\backslash$$$7,000$ cash for services. On Dec. $3,$ purchased $\backslash (\backslash$$ $5,000\backslash )$ of equipment on account. Post the transaction to the four$-$column ledger account and cross$-$reference the posting back to the journal entry.

After journalizing entries, information can be entered into T$-$Accounts and$/$or the four$-$column ledger. Enter the information from the T$-$Account and calculate the running balance in the appropriate place in the four$-$column ledger to review the similarities between the two formats. Be sure to enter the transactions in chronological order.