Question

Journalize the following transactions in the books of XYZ & Company and post them into the ledger accounts and prepare the Trial Balance for the year ending January 31, 2005.

Jan 1	Started business with a capital	$ 150,000
5	Bought Furniture on account	4,100
7	Bought goods for cash	875
9	Paid into the Bank	2,500
10	Sold merchandise for cash	270.50
11	Purchased supplies on account	246
12	Wages paid	72.50
15	Purchased equipment paying 20% down payment and the balance a note payable	15,500
17	Paid cash for the supplies purchased on Jan 11th	200
17	Sold goods on account	4,200
18	Received cash for the goods sold on Jan 177h	4,200
25	Paid for Salaries	2,500
31	Paid rent	2,400

Answer 1