Question

ASSIGNMENT 10
Problem 10-1: Post transactions from General Journal to General Ledger.

Robert Carpenter began business as a licensed real estate broker on October 1, XXX1. During Oc­tober, Mr. Carpenter's part-time bookkeeper re­corded transactions in the General Journal. The General Ledger accounts were set up from the following chart of accounts. Post the transactions in the journal to the ledger accounts and compute the balance. Be sure to include the reference numbers in both the journal and ledger accounts.

Note: After posting, check your accuracy by calculating the balance of each general ledger account and entering each balance in the two-column form at the end. Remember, the debit balances must equal the credit balances, or you know you have made an error. Even when the debits and credits balance, it does not guarantee that you have made no errors; you can still have an error that it doesn’t indicate (i.e., like debiting the wrong account, posting the same wrong amount to both accounts, not posting an entire entry, etc.). However, if they equal, it usually means that you have not made a lot of errors.

Account Number   Account Name
111   Cash
115   Equipment
131   Building
132   Land
211   Accounts Payable - Keith
311   Robert Carpenter, Capital
312   Robert Carpenter, Drawing
411   Commission Income
511   Advertising Expense
512   Legal Expense
513   Salaries Expense
514   Telephone Expense
Problem 10-1: Journalize and post transactions.

On November 1, XXX1, Harry Simmons opened a tailor shop. His business had a number of transactions during the month of November. The General Ledger accounts were set up from the following chart of accounts. Using the chart of accounts below, complete the following activities for Henry Simmons:
a.   Journalize the transactions.
b.   Post the trans­actions to the ledger accounts.

Note: After posting, check your accuracy by calculating the balance of each general ledger account and entering each balance in the two-column form at the end. Remember, the debit balances must equal the credit balances, or you know you have made an error. Even when the debits and credits balance, it does not guarantee that you have made no errors; you can still have an error that it doesn’t indicate (i.e., like debiting the wrong account, posting the same wrong amount to both accounts, not posting an entire entry, etc.). However, if they equal, it usually means that you have not made a lot of errors.

Account Number   Account Name
111   Cash
112   Accounts Receivable - Brent
114   Supplies
118   Equipment
211   Accounts Payable - Rose
311   Harry Simmons, Capital
312   Harry Simmons, Drawing
411   Income
511   Advertising Expense
512   Rent Expense
513   Repairs Expense
514   Utilities Expense

November 1    Mr. Simmons deposited $10,000 cash in the Rockwall Bank to open the business.
November 3   He paid $225 cash for rent for the month.
November 5    He bought equipment worth $750 from Rose, Inc.; he paid $250 cash and charged $500 on account.
November 6    He bought supplies for $150 cash.
November 6    Mr. Simmons received income for the week of $215 in cash.
November 10    He paid $30 cash for advertisement in local paper.
November 12    Mr. Simmons received income for the week of $285 in cash.
November 14    He paid $40 cash for utilities expense.
November 15    He paid Rose $50 cash on account.
November 20    He paid $25 cash for equipment repairs.
November 23    He paid Rose $50 cash on account.
November 30    He withdrew $175 cash from the business for personal use.
November 30    Mr. Simmons sent a bill for services rendered to John Brent for $150.

Answer 1