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Record the following transactions in a general journal.  Make use of only these account titles:  Cash; Accounts Receivable; Accounts Payable; Supplies; Equipment; your name, Capital; your name, Drawing; Service Revenue; Rent Expense; Supplies Expense; Utilities Expense.

3/1/07           Invested $20,000 in cash and $5,000 of equipment in business
3/5/07           Purchased equipment on account: $1,200
3/7/07           Purchased supplies on account: $500
3/10/07         Purchased supplies with cash: $1,000
3/13/07         Received cash for services provided to clients: $2,500
3/15/07         Paid rent: $850
3/20/07         Billed clients for services performed: $850
3/25/07         Paid for equipment purchased on: 3/5/07
3/28/07         Received payment for services performed on: 3/20/07
3/31/07         Withdrew cash for personal use: $3,000

After recording transactions given above, post to the general ledger.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M99512

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