The following is the general ledger for Holly Corp.: Instructions (a) Prepare an explanation for each ledger
Question:
The following is the general ledger for Holly Corp.:
Instructions
(a) Prepare an explanation for each ledger posting that was made above.
(b) Prepare a trial balance at October 31, 2015.
Transcribed Image Text:
GENERAL LEDGER Cash Common Shares Oct. 2,000Oct. 5 400 12 1,500 16 300 30 1,250 30 500 Oct 2,000 9 650 15 5,000 20 500 Accounts Receivable Dividends Oct. 6 800 Oct. 20500 Oct. 16 300 20 1,940 Supplies 400 Service Revenue Oct. 5 9 650 20 1,940 Equipment Oct. 2 2,000 Oct. 30 500 Accounts Payable Advertising Expense Oct. 12 ,500 Oct. 2 2,000 Oct. 28 400 28 400 Income Tax Payable Rent Expense Oct. 3 180 Oct. 30 1,250 Bank Loan Payable Income Tax Expense Oct. 15 5,000 Oct. 31 180
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a Oct 1 Issued shares in exchange for cash Oct 2 Purchased equipment on account Oct 5 ...View the full answer
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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