Question

March 1          Issued 10,000 shares of common stock for $25,000 cash.

1          Purchased used servers for $10,000, paying $6,000 cash and the balance on account.

3          Purchased office supplies for $1,500 on account.

5          Paid $2,400 cash on 1-year insurance policy effective March 1.

14        Billed customers $4,200 for data analysis services.

18        Paid $1,500 cash on amount owed on servers and $500 on amount owed on office supplies.

20        Paid $2,750 cash for employee salaries.

21        Collected $1,400 cash from customers billed on March 14.

28        Billed customers $6,200 for data analysis services.

31        Paid $350 for server maintenance which did not extend the life or function of the servers.

31        Declared and paid $900 cash dividend.

Required:

Post to the ledger accounts.

CASH #111						Balance
Date	Item	Post Ref	Debit	Credit	Debit		Credit

ACCOUNTS RECEIVABLE #112						Balance
Date	Item	Post Ref	Debit	Credit	Debit		Credit

OFFICE SUPPLIES #120						Balance
Date	Item	Post Ref	Debit	Credit	Debit		Credit

PREPAID INSURANCE #125						Balance
Date	Item	Post Ref	Debit	Credit	Debit		Credit

EQUIPMENT #130						Balance
Date	Item	Post Ref	Debit	Credit	Debit		Credit

ACCUMULATED DEPRECIATION – EQUIPMENT #135						Balance
Date	Item	Post Ref	Debit	Credit	Debit		Credit

ACCOUNTS PAYABLE #210						Balance
Date	Item	Post Ref	Debit	Credit	Debit		Credit

SALARIES PAYABLE #220						Balance
Date	Item	Post Ref	Debit	Credit	Debit		Credit
COMMON STOCK #310 Balance Date Item Post Ref Debit Credit Debit Credit RETAINED EARNINGS #320 Balance Date Item Post Ref Debit Credit Debit Credit DIVIDENDS #330 Balance Date Item Post Ref Debit Credit Debit Credit INCOME SUMMARY #340 Balance Date Item Post Ref Debit Credit Debit Credit SERVICE REVENUE #410 Balance Date Item Post Ref Debit Credit Debit Credit MAINTENANCE EXPENSE #510 Balance Date Item Post Ref Debit Credit Debit Credit OFFICE SUPPLIES EXPENSE #520 Balance Date Item Post Ref Debit Credit Debit Credit DEPRECIATION EXPENSE #530 Balance Date Item Post Ref Debit Credit Debit Credit INSURANCE EXPENSE #540 Balance Date Item Post Ref Debit Credit Debit Credit SALARIES EXPENSE #550 Balance Date Item Post Ref Debit Credit Debit Credit

Answer 1