Question: On October 1, 2019, Helen Kennedy opened an advertising agency.
Required: 1. Journalize the above transactions.
2. Post the above transactions to the ledger accounts.
Analyze: What is the balance of account 202 in the general ledger?
• 1 Helen Kennedy invested $63,000 cash in the business.
• 2 Paid October office rent of 3,150; issued Check 1001.
• 3 Purchased desks and other office furniture for $13,700 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days.
• 4 Issued Check 1002 for $3,350 to purchase art equipment.
• 5 Purchased supplies for $1,700; paid with Check 1003.
• 6 Issued Check 1004 for $470 for office cleaning service.
• 7 Performed services for $4,250 in cash and $2,050 on credit. (Use a compound entry.)
• 8 Returned damaged supplies for a cash refund of $270.
• 9 Purchased a computer for $3,150 from Office Furniture Mart, Inc., Invoice 7108; issued Check 1005 for a $1,825 down payment, with the balance payable in 30 days. (Use one compound entry.)
• 10 Issued Check 1006 for $6,850 to Office Furniture Mart, Inc., as payment on account for Invoice 6704.
• 11 Performed services for $4,550 on credit.
• 12 Paid $260 for monthly telephone bill; issued Check 1007.
• 13 Received $3,850 in cash from credit customers.
• 14 Mailed Check 1008 to pay the monthly utility bill of $335.
• 15 Issued Checks 1009-1011 for $8,150 for salaries.
Information related to above question is enclosed below:
Attachment:- 6Capture.rar