Question

The Fashion Rack has a monthly accounting period. The firm’s chart of accounts is shown below. The journals used to record transactions are the sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Postings are made from the journals to the accounts receivable ledger, accounts payable ledger, and general ledger. The employees are paid at the end of the month. A computerized payroll service prepares all payroll records and checks.

INSTRUCTIONS

Open the general ledger accounts and enter the balances for October 1, 2019. Obtain the necessary figures from the postclosing trial balance prepared on September 30, 2019, which is shown below.

Post-Closing Trial Balance:

ACCOUNT NAME	DEBIT	CREDIT
CASH	59,800.00
ACCOUNTS RECEIVABLE	6,210.00
ALLOWANCE FOR DOUBTFUL ACCOUNTS		420.00
MERCHANDISE INVENTORY	88,996.00
SUPPLIES	4,100.00
PREPAID INSURANCE	8,400.00
EQUIPMENT	83,000.00
ACCUMULATED DEPRECIATION		7,050.00
ACCOUNTS PAYABLE		18,300.00
SOCIAL SECURITY TAX PAYABLE		702.00
MEDICARE TAX PAYABLE		162.00
EMPLOYEE INCOME TAX PAYABLE		1,020.00
FEDERAL UNEMPLOYMENT TAX PAYABLE		512.00
STATE UNEMPLOYMENT TAX PAYABLE		1,268.00
SALES TAX PAYABLE		17,820.00
TERESA LOVEJOY, CAPITAL		203,252.00
TOTALS	$250,506.00	$250,506.00

Answer 1

Solution.

Please find below the General LEdger Accounts as on 1st Oct 2019

General Ledger Accounts as on 1st Oct 2019
Dr	Cash A/c	Cr
Date	Particulars	Amount	Date	Particulars	Amount
1-Oct-19	Balance B/f	59,800	1-Oct-19	Closing Bal	59,800
Dr	Accounts Recievable	Cr
Date	Particulars	Amount	Date	Particulars	Amount
1-Oct-19	Balance B/f	6,210	1-Oct-19	Closing Bal	6,210
Dr	Allowance for Doubtful debts	Cr
Date	Particulars	Amount	Date	Particulars	Amount
1-Oct-19	Closing Bal	420	1-Oct-19	Balance B/f	420
Dr	Merchandise Inventory	Cr
Date	Particulars	Amount	Date	Particulars	Amount
1-Oct-19	Balance B/f	88,996	1-Oct-19	Closing Bal	88,996
Dr	Supplies	Cr
Date	Particulars	Amount	Date	Particulars	Amount
1-Oct-19	Balance B/f	4,100	1-Oct-19	Closing Bal	4,100
Dr	Prepaid Insurance	Cr
Date	Particulars	Amount	Date	Particulars	Amount
1-Oct-19	Balance B/f	8,400	1-Oct-19	Closing Bal	8,400
Dr	Equipment	Cr
Date	Particulars	Amount	Date	Particulars	Amount
1-Oct-19	Balance B/f	83,000	1-Oct-19	Closing Bal	83,000
Dr	Accumulated Depreciation	Cr
Date	Particulars	Amount	Date	Particulars	Amount
1-Oct-19	Closing Bal	7,050	1-Oct-19	Balance B/f	7,050
Dr	Accounts Payable	Cr
Date	Particulars	Amount	Date	Particulars	Amount
1-Oct-19	Closing Bal	18,300	1-Oct-19	Balance B/f	18,300
Dr	Social Security Tax payable	Cr
Date	Particulars	Amount	Date	Particulars	Amount
1-Oct-19	Closing Bal	702	1-Oct-19	Balance B/f	702
Dr	Medicare Tax Payable	Cr
Date	Particulars	Amount	Date	Particulars	Amount
1-Oct-19	Closing Bal	162	1-Oct-19	Balance B/f	162
Dr	Employee Income Tax payable	Cr
Date	Particulars	Amount	Date	Particulars	Amount
1-Oct-19	Closing Bal	1,020	1-Oct-19	Balance B/f	1,020
Dr	Federal Unemployement Tax Payable	Cr
Date	Particulars	Amount	Date	Particulars	Amount
1-Oct-19	Closing Bal	512	1-Oct-19	Balance B/f	512
Dr	State Unemployment Tax Payable	Cr
Date	Particulars	Amount	Date	Particulars	Amount
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