In: Accounting
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?