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1 Journal the following entries 2 Post the entries to the General ledger 3 Prepare a Trial Balance 4 Prepare the Financial Statements Janet Younger started a business using $100,000 of her own money. Younger opened a checking 1 accounting and deposited all the funds there. 2 Younger purchased $5,000 of equipment and paid cash Younger purchased $6,000 more equipment on account. Office plus extended her credit for the 3 new computer. 4 Younger hired two new employees at a salary of $48,000 each. Younger purchased supplies for $500 in cash. 6 Younger paid $2,500 in cash to Office Plus for the computer. 7 Younger rented office space paying $6500 in rent for January 8 Received $36,000 in cash for services provided to clients. 9. Performed more services for $11,000 and agreed the customer, Moe, could pay in two weeks. 10 Moe sent in a check for $6,000 on the balance he owned. 11 The firm paid salaries of $8000 for the month. 12 The firm paid utilities of $650 13 Janet Younger took a draw of $5000 for personal use.

1 Journal the following entries 2 Post the entries to the General ledger 3 Prepare a Trial Balance 4 Prepare the Financial Statements Janet Younger started a business using $100,000 of her own money. Younger opened a checking 1 accounting and deposited all the funds there. 2 Younger purchased $5,000 of equipment and paid cash Younger purchased $6,000 more equipment on account. Office plus extended her credit for the 3 new computer. 4 Younger hired two new employees at a salary of $48,000 each. Younger purchased supplies for $500 in cash. 6 Younger paid $2,500 in cash to Office Plus for the computer. 7 Younger rented office space paying $6500 in rent for January 8 Received $36,000 in cash for services provided to clients. 9. Performed more services for $11,000 and agreed the customer, Moe, could pay in two weeks. 10 Moe sent in a check for $6,000 on the balance he owned. 11 The firm paid salaries of $8000 for the month. 12 The firm paid utilities of $650 13 Janet Younger took a draw of $5000 for personal use.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Having trouble understanding a general ledger. I need a visualization of how to do a general ledger. I am the type of person who learns with examples at hand. Here is the information that I’m working with
Accounting Problem INSTRUCTIONS 1 Journal the following entries 2 Post the entries to the General ledger 3 Prepare a Trial Balance 4 Prepare the Financial Statements Janet Younger started a business using $100,000 of her own money. Younger opened a checking 1 accounting and deposited all the funds there. 2 Younger purchased $5,000 of equipment and paid cash Younger purchased $6,000 more equipment on account. Office plus extended her credit for the new computer. 4 Younger hired two new employees at a salary of $48,000 each. Younger purchased supplies for $500 in cash. 6 Younger paid $2,500 in cash to Office Plus for the computer. 7 Younger rented office space paying $6500 in rent for January 8 Received $36,000 in cash for services provided to clients. 9 Performed more services for $11,000 and agreed the customer, Moe, could pay in two weeks. 10 Moe sent in a check for $6,000 on the balance he owned. The firm paid salaries of $8000 for the month. 11 12 The firm paid utilities of $650 13 Janet Younger took a draw of $5000 for personal use. 1 Journal the Entries use the lines below to complete the journal entries Debit Credit Accounts 2 3
Transcribed Image Text:Accounting Problem INSTRUCTIONS 1 Journal the following entries 2 Post the entries to the General ledger 3 Prepare a Trial Balance 4 Prepare the Financial Statements Janet Younger started a business using $100,000 of her own money. Younger opened a checking 1 accounting and deposited all the funds there. 2 Younger purchased $5,000 of equipment and paid cash Younger purchased $6,000 more equipment on account. Office plus extended her credit for the new computer. 4 Younger hired two new employees at a salary of $48,000 each. Younger purchased supplies for $500 in cash. 6 Younger paid $2,500 in cash to Office Plus for the computer. 7 Younger rented office space paying $6500 in rent for January 8 Received $36,000 in cash for services provided to clients. 9 Performed more services for $11,000 and agreed the customer, Moe, could pay in two weeks. 10 Moe sent in a check for $6,000 on the balance he owned. The firm paid salaries of $8000 for the month. 11 12 The firm paid utilities of $650 13 Janet Younger took a draw of $5000 for personal use. 1 Journal the Entries use the lines below to complete the journal entries Debit Credit Accounts 2 3
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