Question

In: Accounting

On October 1, 2019, Helen Kennedy opened an advertising agency. DATE TRANSACTIONS Oct. 1 Helen Kennedy...

On October 1, 2019, Helen Kennedy opened an advertising agency.

DATE

TRANSACTIONS

Oct. 1

Helen Kennedy invested $70,000 cash in the business.

2

Paid October office rent of $4,000; issued Check 1001.

5

Purchased desks and other office furniture for $18,000 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days.

6

Issued Check 1002 for $4,100 to purchase art equipment.

7

Purchased supplies for $1,670; paid with Check 1003.

10

Issued Check 1004 for $800 for office cleaning service.

12

Performed services for $4,200 in cash and $1,800 on credit. (Use a compound entry.)

15

Returned damaged supplies for a cash refund of $300.

18

Purchased a computer for $3,000 from Office Furniture Mart, Inc., Invoice 7108; issued Check 1005 for a $1,750 down payment, with the balance payable in 30 days. (Use one compound entry.)

20

Issued Check 1006 for $9,500 to Office Furniture Mart, Inc., as payment on account for Invoice 6704.

26

Performed services for $4,800 on credit.

27

Paid $375 for monthly telephone bill; issued Check 1007.

30

Received $4,200 in cash from credit customers.

30

Mailed Check 1008 to pay the monthly utility bill of $1,080.

30

Issued Checks 1009–1011 for $9,000 for salaries.


Required:

Journalize the above transactions.

Post the above transactions to the ledger accounts.

Analyze:
What is the balance of account 202 in the general ledger?

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