02 Jul please post entries in ledgers
Question Description
It is time for the staff accountants to begin preparing daily accounting transactions. In preparation for the upcoming audit, the accountants must ensure that these transactions are correct and are free from any misstatement. Because this is a new subsidiary of the company, there are no beginning balances.
As a staff accountant, your job is to do the following:
Prepare the 10 transactions below by posting to the general journal. You should use an Excel spreadsheet to accomplish this task.
Post the general journal entries to the general ledger in the Excel spreadsheet.
Prepare a trial balance from the ending balances on the ledger. You should also use an Excel file for the trial balance.
Transactions
Invested $50,000 in the business
Paid $100 for phone service
Purchased $35,000 equipment on credit
Paid $3,000 for 3 months rent
Paid $5,500 for 6 months of insurance
Paid $1,000 for advertising on credit (Note: This is an expense to the company)
Customer purchased $2,000 on account
Customer in #7 paid $1,000 on account
Paid for #6 advertising
Sold to customer and received $5,000 cash
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