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JOURNALIZING AND POSTING TRANSACTIONS Jim Andrews opened a delivery business in March. He rented a small office and has a part-time assistant. His trial balance shows accounts for the first three months of business. Andrews’ transactions for the month of June are as follows: June 1 Paid rent, $300. 2 Performed delivery services for $300: $100 in cash and $200 on account. 4 Paid for newspaper advertising, $15. 6 Purchased office supplies on account, $180. 7 Received cash for delivery services rendered, $260. 9 Paid cash on account (truck payment), $200. 10 Purchased a copier (office equipment) for $700: paid $100 in cash and put $600 on account. June 11 Made a contribution to the Red Cross (charitable contributions), $20. 12 Received cash for delivery services rendered, $380. 13 Received cash on account for services previously rendered, $100. 15 Paid a part-time worker, $200. 16 Paid electric bill, $36. 18 Paid phone bill, $46. 19 Received cash on account for services previously rendered, $100. 20 Andrews withdrew cash for personal use, $200. 21 Paid for gas and oil, $32. 22 Made payment on account (for office supplies), $40. 24 Received cash for services rendered, $340. 26 Paid for a magazine subscription (miscellaneous expense), $15. 27 Received cash for services rendered, $180. 27 Received cash on account for services previously rendered, $100. 29 Paid for gasoline, $24. 30 Paid a part-time worker, $200. REQUIRED 1. Set up general ledger accounts by entering the balances as of June 1. 2. Journalize the transactions for June in a two-column general journal. Use the following journal pages: June 1–10, page 7; June 11–20, page 8; June 21–30, page 9. 3. Post the entries to the general ledger. 4. Prepare a trial balance.

BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756
BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756

Solutions

Chapter
Section
Chapter 4, Problem 10SPA
Textbook Problem

JOURNALIZING AND POSTING TRANSACTIONS Jim Andrews opened a delivery business in March. He rented a small office and has a part-time assistant. His trial balance shows accounts for the first three months of business.

Chapter 4, Problem 10SPA, JOURNALIZING AND POSTING TRANSACTIONS Jim Andrews opened a delivery business in March. He rented a

Andrews’ transactions for the month of June are as follows:

June 1 Paid rent, $300.

2 Performed delivery services for $300: $100 in cash and $200 on account.

4 Paid for newspaper advertising, $15.

6 Purchased office supplies on account, $180.

7 Received cash for delivery services rendered, $260.

9 Paid cash on account (truck payment), $200.

10 Purchased a copier (office equipment) for $700: paid $100 in cash and put $600 on account.

June 11 Made a contribution to the Red Cross (charitable contributions), $20.

12 Received cash for delivery services rendered, $380.

13 Received cash on account for services previously rendered, $100.

15 Paid a part-time worker, $200.

16 Paid electric bill, $36.

18 Paid phone bill, $46.

19 Received cash on account for services previously rendered, $100.

20 Andrews withdrew cash for personal use, $200.

21 Paid for gas and oil, $32.

22 Made payment on account (for office supplies), $40.

24 Received cash for services rendered, $340.

26 Paid for a magazine subscription (miscellaneous expense), $15.

27 Received cash for services rendered, $180.

27 Received cash on account for services previously rendered, $100.

29 Paid for gasoline, $24.

30 Paid a part-time worker, $200.

REQUIRED

1. Set up general ledger accounts by entering the balances as of June 1.

2. Journalize the transactions for June in a two-column general journal. Use the following journal pages: June 1–10, page 7; June 11–20, page 8; June 21–30, page 9.

3. Post the entries to the general ledger.

4. Prepare a trial balance.

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Chapter 4 Solutions

College Accounting, Chapters 1-27
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Ch. 4 - A check stub serves as a source document for what...Ch. 4 - Indicate the information that would be entered for...Ch. 4 - Indicate the information that would be entered for...Ch. 4 - Dunkin Company made the following entry for the...Ch. 4 - Trace the flow of accounting information through...Ch. 4 - Name a source document that provides information...Ch. 4 - Explain the purpose of a chart of accounts.Ch. 4 - Name the five types of financial statement...Ch. 4 - Where is the first formal accounting record of a...Ch. 4 - Describe the four steps required to journalize a...Ch. 4 - In what order are the accounts customarily placed...Ch. 4 - Explain the primary advantage of a general ledger...Ch. 4 - Explain the five steps required when posting the...Ch. 4 - What information is entered in the Posting...Ch. 4 - Explain why the ledger can still contain errors...Ch. 4 - What is a slide error?Ch. 4 - What is a transposition error?Ch. 4 - What is a correcting entry?Ch. 4 - SERIES A EXERCISES SOURCE DOCUMENTS Source...Ch. 4 - GENERAL JOURNAL ENTRIES For each of the following...Ch. 4 - GENERAL LEDGER ACCOUNTS Set up T accounts for each...Ch. 4 - GENERAL JOURNAL ENTRIES Diane Bernick has opened...Ch. 4 - GENERAL LEDGER ACCOUNTS; TRIAL BALANCE Set up...Ch. 4 - FINANCIAL STATEMENTS From the information in...Ch. 4 - FINANCIAL STATEMENTS From the following trial...Ch. 4 - FINDING AND CORRECTING ERRORS On May 25, after the...Ch. 4 - SERIES A PROBLEMS JOURNALIZING AND POSTING...Ch. 4 - JOURNALIZING AND POSTING TRANSACTIONS Jim Andrews...Ch. 4 - CORRECTING ERRORS Assuming that all entries have...Ch. 4 - SOURCE DOCUMENTS What type of information is found...Ch. 4 - GENERAL JOURNAL ENTRIES For each of the following...Ch. 4 - GENERAL LEDGER ACCOUNTS Set up T accounts for each...Ch. 4 - GENERAL JOURNAL ENTRIES Sengel Moon opened The...Ch. 4 - GENERAL LEDGER ACCOUNTS; TRIAL BALANCE Set up...Ch. 4 - FINANCIAL STATEMENTS From the information in...Ch. 4 - FINANCIAL STATEMENTS From the following trial...Ch. 4 - FINDING AND CORRECTING ERRORS On April 25, after...Ch. 4 - JOURNALIZING AND POSTING TRANSACTIONS Benito...Ch. 4 - JOURNALIZING AND POSTING TRANSACTIONS Ann Taylor...Ch. 4 - CORRECTING ERRORS Assuming that all entries have...Ch. 4 - MANAGING YOUR WRITING You are a public accountant...Ch. 4 - MASTERY PROBLEM Barry Bird opened the Barry Bird...Ch. 4 - CHALLENGE PROBLEM Journal entries and a trial...

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