The following is the general ledger for Holly Corp. after its first month of operations:

Instructions
(a) Prepare an explanation for each ledger posting that was made above.
(b) Determine the ending balance in each of the T accounts.
(c) Prepare a trial balance at October 31.

Transcribed Image Text:

GENERAL LEDGER Cash Bank Loan Payable Oct. 1 2,000 Oct. 5 400 12 150 16 300 30 1,250 30 1,250 Oct. 2 3,500 9 650 17 50o 20 500 Comman Shares Oct. 1 2,000 Accounts Receivable Dividends Declared Oct. 3 80 Oct. 17 500 Oct. 16 300 22 1,940 Supplies Service Revenue Oct. 5 400 Oct. 3 800 22 1,940 Equipment Salaries Expense Oct. 2 3,500 Oct. 31 500 Oct. 12 150 Oct. 4 250 Oct. 4 250 Oct. 31180 Oct. 30 1,250 Oct. 9 650 Oct. 31 180 Accounts Payable Advertising Expense Income Tax Payable Rent Expense Unearned Revenue Income Tax Expense