Journalize each transaction and then post each transaction

Assignment Help Accounting Basics

Reference no: EM13604028

Sales Revenue, Salaries Expense, Wages Expense, and Interest Expense.

a. The owner opened a business account and deposited $60,000 in the bank.

b. The owner borrowed and deposited $30,000 on a note payable to the bank.

c. The owner paid one year of rent in advance on the restaurant space, $18,000 cash.

d. The owner purchased equipment $46,000; $16,000 in cash and the balance on account.

e. Furnishings were purchased for $30,400 cash.

f. The owner purchased $3,200 of food inventory on account and paid $3,800 cash for beverage inventory.

g. The owner purchased supplies for $2,650 cash.

h. The owner purchased $3,800 of food inventory on account.

i. The owner paid $2,700 for a one-year liability and casualty insurance policy.

j. Employees were paid wages of $12,800 and salaries of $2,400.

k. Sales revenue for the first month was $42,800; 90% cash, 8% credit cards, and 2% on accounts receivable.

l. The owner paid $16,600 on accounts payable.

m. The owner paid $8,000 on note payable, plus interest of $960.

Journalize each transaction and then post each transaction to a general ledger; prepare an unadjusted trial balance for the month ended March 31, 2006.

Reference no: EM13604028

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