Answer to Question #216340 in Accounting for zuby

Question

July 1 The company issued USD 600,000 of capital stock for cash.

5 Office space was rented for July, and USD 5,000 was paid for the rental.

8 Desks and chairs were purchased for the office on account, USD 28,800.

10 Equipment was purchased for USD 50,000; a note was given, to be paid in 30 days.

15 Purchased trucks for USD 150,000, paying USD 120,000 cash and giving a 60-day note to the dealer for USD 30,000.

18 Paid for supplies received and already used, USD 2,880.

23 Received USD 17,280 cash as service revenue.

27 Insurance expense for July was paid, USD 4,500.

30 Paid for gasoline and oil used by the truck in July, USD 576.

31 Billed customers for services rendered, USD 40,320.

31 Paid salaries for July, USD 51,840.

31 Paid utilities bills for July, USD 5,280.

31 Paid cash dividends, USD 9,600.

a. Prepare general ledger accounts for all of these accounts except Retained Earnings.

b. Journalize the transactions

c. Post the ledger accounts.

d. Prepare a trial balance

Answer 1

a

b

c

d