This is the trial balance of Mimosa Company on September 30. The October transactions were as follows.Oct.
Question:
This is the trial balance of Mimosa Company on September 30.
The October transactions were as follows.Oct. 5 Received $1,300 in cash from customers for accounts receivable due.10 Billed customers for services performed $5,100.15 Paid employee salaries $1,200.17 Performed $600 of services for customers who paid in advance in August.20 Paid $1,900 to creditors for accounts payable due.29 Paid a $300 cash dividend.31 Paid utilities $400.Instructions(a) Prepare a general ledger using T accounts. Enter the opening balances in the ledger accounts as of October 1. Provision should be made for these additional accounts: Dividends, Service Revenue, Salaries and Wages Expense, and Utilities Expense.(b) Journalize the transactions, including explanations.(c) Post to the ledger accounts.(d) Prepare a trial balance on October 31,2012.
Step by Step Answer:
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso