Assignment
Complete the following assignment and submit it to the Posting Journal Entries to General Ledger Accounts Dropbox.
This assignment is worth 12 points.
Journalize and post business transactions for the following account:
General Ledger
101 Cash in Bank
102 Accounts Receivable
120 Grooming Supplies
130 Office Furniture
140 Grooming Equipment
205 Accounts Payable
301 Rex’s Capital
305 Rex’s Withdrawals
402 Boarding Revenue
410 Grooming Revenue
505 Salary Expenses
January – 2005
| Jan 1 | Rex invested $5,000 in the business, Memorandum 10. |
| Jan 3 | Rex transferred furniture valued at $2,000 to the business, Memorandum 11. |
| Jan 10 | Issued check No. 501 for $400 for grooming supplies. |
| Jan 15 | Bought grooming equipment on account for $2,000 from Pets Inc.; Invoice 201. |
| Jan 17 | Paid Pets, Inc. $500; check No. 105. |
| Jan 20 | Rex withdrew $1,000 cash from business; check No. 59. |
| Jan 29 | Salary paid to employee: $300 via check No. 60. |
| Jan 30 | Deposited $2,000 received from client for rendering service; Receipt Nos. 124-130. |
Guidelines:
- In your working paper, open an account in the general ledger for each of these accounts.
- Record the January transactions on page 1 of the general journal.
- Post each journal entry to the appropriate account.
- Prove the ledger account by preparing a trial balance.
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