Prepare general journal and general ledger

Assignment Help Accounting Basics

Reference no: EM133475204

Case: Transaction 1: John Smith deposited $30,000 cash into the new business' bank account.

Transaction 2: Borrowed $10,000 from the bank.

Transaction 3: Bought $8,000 worth of furniture with cash.

Transaction 4: A customer paid $2,000 cash for bookkeeping services to be provided next month.

Transaction 5: Provided services to customers and received $15,000 cash.

Transaction 6: Provided bookkeeping services for $4,000 on account.

Transaction 7: Paid $6,000 cash for a one-year insurance policy which started on the first of the month.

Transactions 8 to 10: Paid cash for rent $1100, salaries $6000 and interest $200 for the month.

Transaction 11 to 12: Received a telephone bill $300 and travel bill $2000 which will be paid later.

Transaction 13: Paid $3,000 toward the bank loan.

Transaction 14: John Smith withdrew $2,000 cash for personal use.

Transaction 15: A customer paid $500 cash for the amount owing for bookkeeping services provided earlier in the month.

Transaction 16: Paid the telephone bill $300, received earlier in the month.

Question:

Journalize the transactions.

Open ledger accounts and post the transactions.

Prepare general journal and general ledger.

Prepare a trial balance.

Reference no: EM133475204

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