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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 21,000
   Common Stock 21,000
Jan 5 Cash 60,000
   Common Stock 60,000
Jan 8 Prepaid Rent 2,800
   Cash 2,800
Jan 12 Office Equipment 5,500
   Accounts Payable 4,000
   Cash 1,500
Jan 17 Cash 12,000
Accounts Receivable 5,000
   Service Revenue 17,000
Jan 25 Supplies 7,500
   Accounts Payable 7,500

Post the journal entries to the ledger and show the ending balance in each ledger account.

Cash
Date Debits Credits Balance
Beg. Bal. 35,000
Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25
Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25
Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25
Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25
Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25
Accounts Receivable
Date Debits Credits Balance
Beg. Bal. 22,000
Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25
Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25
Jan 4Jan 5Jan 8Jan 12Jan 17Jan 25
Supplies
Date Debits Credits Balance
Beg. Bal. 1,600
Prepaid Rent
Date Debits Credits Balance
Beg. Bal. 0
Office Equipment
Date Debits Credits Balance
Beg. Bal. 8,000
Organization Costs
Date Debits Credits Balance
Beg. Bal. 0
Accounts Payable
Date Debits Credits Balance
Beg. Bal. 15,000
Common Stock
Date Debits Credits Balance
Beg. Bal. 10,000
Service Revenue
Date Debits Credits Balance
Beg. Bal. 0

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