The transactions of Dexter Company:
| a. | Macy Dexter, owner, invested $18,500 cash in the company in exchange for common stock. |
| b. | The company purchased office supplies for $537 cash. |
| c. | The company purchased $10,231 of office equipment on credit. |
| d. | The company received $2,183 cash as fees for services provided to a customer. |
| e. |
The company paid $10,231 cash to settle the payable for the office equipment purchased in transaction c.
|
| f. | The company billed a customer $3,922 as fees for services provided. |
| g. | The company paid $510 cash for the monthly rent. |
| h. |
The company collected $1,647 cash as partial payment for the account receivable created in transaction f.
|
| i. | The company paid $1,000 cash for dividends. |
Prepare
general journal entries to record the transactions above: Cash;
Accounts Receivable; Office Supplies; Office Equipment; Accounts
Payable; Common stock; Dividends; Fees Earned; and Rent Expense. Use the
letters beside each transaction to identify entries.
| Transaction | General Journal | Debit | Credit |
| a. | Cash | 18,500 | |
| Common stock | 18,500 | ||
| b. | Office supplies | 537 | |
| Cash | 537 | ||
| c. | Office equipment | 10,231 | |
| Accounts payable | 10,231 | ||
| d. | Cash | 2,183 | |
| Fees earned | 2,183 | ||
| e. | Accounts payable | 10,231 | |
| Cash | 10,231 | ||
| f. | Accounts receivable | 3,922 | |
| Fees earned | 3,922 | ||
| g. | Rent expense | 510 | |
| Cash | 510 | ||
| h. | Cash | 1,647 | |
| Accounts receivable | 1,647 | ||
| i. | Dividends | 1,000 | |
| Cash | 1,000 |
Post the above journal entries to T-accounts, which serves as the
general ledger for this assignment. Determine the ending balance of each
T-account.
No comments:
Post a Comment