PARRISH 3-3 POSTING TO SUB LEDGERSPleae post the following transactions to the appropriate Sub General Ledger. (Also are these considerd GL or Sub GL?)GL1) Cash in Bank 2) Parts Inventory3) Equipment4) Notes Payable5) Common Stock6) Sales Revenue7) Repair Fees8) COGS9) Rent ExpenseTransactions1) 11/1 Jim Peterson checking starts Florida Motor Repair by issuing 100 shares of non par common stock to himself for $10000 cash. He deposits the cash to his business checking account. 2) 11/2 Jim gets a $5000 loan from the bank to use for additional start up funds. The 5% loan is due in one year. The bank deposits the proceeds into Jim's business checking account3) 11/2 Jim rents space for a repair shop for one month and pays $800 cash4) 11/3 Jim buys equipment for $2000 and pays cash.5) Jim buys parts inventory for $500 and pays cash6) Don Noble is Jim's first customer. He asks Jim to repair his boat motor. Jim uses parts costing $30.  He gives Don Noble a sales invoice for $60 in parts and $100 for Labor. Don Noble gives Jim a check for $160

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Asked Jan 23, 2020
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PARRISH 3-3 POSTING TO SUB LEDGERS


Pleae post the following transactions to the appropriate Sub General Ledger. (Also are these considerd GL or Sub GL?)


GL
1) Cash in Bank
2) Parts Inventory
3) Equipment
4) Notes Payable
5) Common Stock
6) Sales Revenue
7) Repair Fees
8) COGS
9) Rent Expense

Transactions
1) 11/1 Jim Peterson checking starts Florida Motor Repair by issuing 100 shares of non par common stock to himself for $10000 cash. He deposits the cash to his business checking account.
2) 11/2 Jim gets a $5000 loan from the bank to use for additional start up funds. The 5% loan is due in one year. The bank deposits the proceeds into Jim's business checking account
3) 11/2 Jim rents space for a repair shop for one month and pays $800 cash

4) 11/3 Jim buys equipment for $2000 and pays cash.

5) Jim buys parts inventory for $500 and pays cash

6) Don Noble is Jim's first customer. He asks Jim to repair his boat motor. Jim uses parts costing $30.  He gives Don Noble a sales invoice for $60 in parts and $100 for Labor. Don Noble gives Jim a check for $160

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Expert Answer

Step 1

Prepare sub-general ledgers for the transactions as shown below:

Accounting homework question answer, step 1, image 1
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Step 2

Continuation of ledgers...

Accounting homework question answer, step 2, image 1
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