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In: Accounting

Fife & Company, a public corporation offering accounting services to low income clients has the following...

Fife & Company, a public corporation offering accounting services to low income clients has the following transactions in their second year of business.

Date Description Debit Credit
Jan 4 Organization Costs 27,000
   Common Stock 27,000
Jan 5 Cash 75,000
   Common Stock 75,000
Jan 8 Prepaid Rent 2,600
   Cash 2,600
Jan 12 Office Equipment 8,000
   Accounts Payable 4,000
   Cash 4,000
Jan 17 Cash 17,000
Accounts Receivable 6,000
   Service Revenue 23,000
Jan 25 Supplies 6,500
   Accounts Payable 6,500

The beginning balances were: Cash: $36,000; Accounts Receivable: $22,000; Supplies: $1,900; Prepaid Rent: $0; Office Equipment: $8,000; Organization Costs: $0; Accounts Payable: $14,000; Common Stock: $11,000; Service Revenue: $0

Post the journal entries to the ledger using "T" accounts.

Cash
Accounts Receivable
Supplies
Prepaid Rent
Office Equipment
Organization Costs
Accounts Payable
Common Stock
Service Revenue

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ekkarill92 answered 2 years ago
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