Question

Required: 1. Record entries in the general ledger 2. Post to ledger T account 3. Prepare trial balance 1 Jan 1 Owner invested 50 into his business Jan 4 Billed customer for services totaling 40 on account. Jan 9 Purchased equipment for cash totaling 7 dollars Jan 16 Acquired land totaling 15 on account Jan 23 Paid the rent for the month of Jan totaling 6 dollars Jan 26 Received the telephone bill of 6 dollars which remains unpaid Jan 31 The owner elected to withdraw 9 dollars from the business

Answer 1

1.Journal

Date	Account Titles	Debit	Credit
Jan 1	Cash	50
	Owners Capital		50
Jan 4	Accounts receivable	40
	Service revenue		40
Jan 9	Equipment	7
	Cash		7
Jan 16	Land	15
	Accounts payable		15
Jan 23	Rent expense	6
	Cash		6
Jan 26	Utilities expense	6
	Utilities payable		6
Jan 31	Owners drawings	9
	Cash		9

2.

	Cash a/c
Jan 1	50	Jan 9	7
		Jan 23	6
		Jan 31	9
Bal b/d	28
	Accounts Receivable
Jan 4	40
Bal b/d	40
	Owners Capital
		Jan 1	50
		Bal b/d	50
	Equipment
Jan 9	7
Bal b/d	7
	Land
Jan 16	15
Bal b/d	15
	Accounts Payable
		Jan 16	15
		Bal b/d	15
	Rent expense
Jan 23	6
Bal b/d	6
	Utilities expense
Jan 26	6
Bal b/d	6
	Utilities Payable
		Jan 26	6
		Bal b/d	6
	Owners drawings
Jan 31	9
Bal b/d	9
	Service revenue
		Jan 4	40
		Bal b/d	40

3.

	Trial Balance
	Debit	Credit
Cash	28
Accounts receivable	40
Owners capital		50
Equipment	7
Land	15
Accounts payable		15
Rent expense	6
Utilities expense	6
Utilities payable		6
Owners drawings	9
Service revenue		40
Total	111	111