Reference no: EM132635853
Question - Set up the following ledger accounts for Magic Cleaning Co. Include the account the balances. Use the 07/01/2020 date:
Cash-$5,000; Accounts Receivable-$1,500; Supplies-$300; Washing Equipment-$10,000; Accounts Payable-$500; Yiru's Capital-$16,300.
1. a trial balance 07/01/2020?
2. Journalize and post to the ledger account the following business transactions for the third quarter.
3. After you have journalized and posted the transactions, find in the ledger accounts, and a trial balance dated 09/30/2020.?
Business Transactions:
1. Paid quarterly rent of $3,000 to Eden Property Co. in cash.
2. Received a check for $500 from RLI Co. in part payment of their obligation to us (Credit. Accounts Receivable)
3. Received $9,000 for cleaning revenue.
4. Paid salaries amounting to $2,500.
5. Sent a check for $300 in payment of our obligation to Good Supply Co. due today. (Debit. Accounts Payable)
6. Yiru took $1,000 out of the business for personal use.
7. Paid monthly water bill amounting to $100
8. Sent the Clean Goods a check for $180 for laundry expenses.
9. Purchased a new machine for $800 and agreed to pay Clean Goods Co. in thirty days. (Credit. Accounts Payable)
10. Bought some supplies consisting of soap powder and liquid, paying $120 cash.
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