The following transactions occurred in November 201X for A. Glovers Placement Agency: 201X Nov. 1 A. Glover

The following transactions occurred in November 201X for A. Glover’s Placement Agency:

201X

Nov. 1 A. Glover invested $6,000 cash in the placement agency.

1 Bought equipment on account from Cinder Co., $2,100.

3 Earned placement fees of $2,000, but payment will not be received until December.

5 A. Glover withdrew $400 for his personal use.

7 Paid wages expense, $1,400.

9 Placed a client on a local TV show, receiving $5,000 cash.

15 Bought supplies on account from Holly Co., $400.

28 Paid telephone bill for November, $110.

29 Advertising bill from Shimmer Co. received but not paid, $800.

The chart of accounts for A. Glover Placement Agency is as follows:

Your tasks are to do the following:
a. Set up the ledger based on the chart of accounts.
b. Journalize (page 1) and post the November transactions.
c. Prepare a trial balance as of November 30,201X.

Transcribed Image Text:

Chart of Accounts Owner's Equity 311 312 Revenue 411 Expenses 511 521 Telephone Expense 531 Advertising Expense Assets A. Glover, Capital A. Glover, Withdrawals Cash Accounts Receivable Supplies 112 Placement Fees Earned 141 Equipment Liabilities 211 Accounts Payable Wage Expense