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3-3. Journalizing and posting transactions. Prepare general journal entries for the transactions below, using the general journal form on the following page. Post the journal entries to the general ledger accounts that follow the general journal form. The partial chart of accounts contains the account names to use in the general journal entries. Enter the account numbers in the general journal's "post ref." column when post the transactions to the general ledger accounts. Enter "J1" in the ledger accounts' post ref. columns for the journal page number. you Florida Outboard Motor Repair - Partial Chart of Accounts Account Name Number Cash in Bank 110 Parts Inventory 150 Equipment 180 Notes Payable 220 Common Stock 310 Sales Revenue 405 Repair Fees 410 Cost of Goods Sold 510 Rent Expense 520 Jim Peterson starts Florida Outboard Motor Repair on November 1, 2027 by issuing 100 shares of no-par common stock to himself for $10,000 cash. He deposits the cash to his business checking account at First National Bank November 1 November 2 Jim gets a $5,000 loan from First National Bank to use for additional start- up funds. The 5% loan is due in one year. The bank deposits the in Jim's business checking account. proceeds November 2 Jim rents space for a repair shop for one month and pays $800 cash. November 3 Jim buys equipment for $2,000 and pays cash. General Ledger Cash in Bank Account Name Account Number 110 Date Post Balance Ref. Description Credit 2027 Debit Credit Debit Parts Inventory Account Number 150 Account Name Balance Date Post Credit Debit Description Debit Credit Ref. 2027 Account Number 180 Equipment Account Name Balance Post Date Credit Debit Debit Credit Ref. Description 2027 Notes Payable Account Number 220 Account Name Post Date Balance Ref. Debit Credit Description Debit 2027 Credit Common Stock Account Name Account Number 310 Date Post Balance Description 2027 Ref. Debit Credit Debit Credit

3-3. Journalizing and posting transactions. Prepare general journal entries for the transactions below, using the general journal form on the following page. Post the journal entries to the general ledger accounts that follow the general journal form. The partial chart of accounts contains the account names to use in the general journal entries. Enter the account numbers in the general journal's "post ref." column when post the transactions to the general ledger accounts. Enter "J1" in the ledger accounts' post ref. columns for the journal page number. you Florida Outboard Motor Repair - Partial Chart of Accounts Account Name Number Cash in Bank 110 Parts Inventory 150 Equipment 180 Notes Payable 220 Common Stock 310 Sales Revenue 405 Repair Fees 410 Cost of Goods Sold 510 Rent Expense 520 Jim Peterson starts Florida Outboard Motor Repair on November 1, 2027 by issuing 100 shares of no-par common stock to himself for $10,000 cash. He deposits the cash to his business checking account at First National Bank November 1 November 2 Jim gets a $5,000 loan from First National Bank to use for additional start- up funds. The 5% loan is due in one year. The bank deposits the in Jim's business checking account. proceeds November 2 Jim rents space for a repair shop for one month and pays $800 cash. November 3 Jim buys equipment for $2,000 and pays cash. General Ledger Cash in Bank Account Name Account Number 110 Date Post Balance Ref. Description Credit 2027 Debit Credit Debit Parts Inventory Account Number 150 Account Name Balance Date Post Credit Debit Description Debit Credit Ref. 2027 Account Number 180 Equipment Account Name Balance Post Date Credit Debit Debit Credit Ref. Description 2027 Notes Payable Account Number 220 Account Name Post Date Balance Ref. Debit Credit Description Debit 2027 Credit Common Stock Account Name Account Number 310 Date Post Balance Description 2027 Ref. Debit Credit Debit Credit

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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Parrish Ch. 3 Pg. 57

Please fill out the GL based on the questions from the workbook and explain reasons if you can.

3-3. Journalizing and posting transactions. Prepare general journal entries for the transactions below, using the general journal form on the following page. Post the journal entries to the general ledger accounts that follow the general journal form. The partial chart of accounts contains the account names to use in the general journal entries. Enter the account numbers in the general journal's "post ref." column when post the transactions to the general ledger accounts. Enter "J1" in the ledger accounts' post ref. columns for the journal page number. you Florida Outboard Motor Repair - Partial Chart of Accounts Account Name Number Cash in Bank 110 Parts Inventory 150 Equipment 180 Notes Payable 220 Common Stock 310 Sales Revenue 405 Repair Fees 410 Cost of Goods Sold 510 Rent Expense 520 Jim Peterson starts Florida Outboard Motor Repair on November 1, 2027 by issuing 100 shares of no-par common stock to himself for $10,000 cash. He deposits the cash to his business checking account at First National Bank November 1 November 2 Jim gets a $5,000 loan from First National Bank to use for additional start- up funds. The 5% loan is due in one year. The bank deposits the in Jim's business checking account. proceeds November 2 Jim rents space for a repair shop for one month and pays $800 cash. November 3 Jim buys equipment for $2,000 and pays cash.
Transcribed Image Text:3-3. Journalizing and posting transactions. Prepare general journal entries for the transactions below, using the general journal form on the following page. Post the journal entries to the general ledger accounts that follow the general journal form. The partial chart of accounts contains the account names to use in the general journal entries. Enter the account numbers in the general journal's "post ref." column when post the transactions to the general ledger accounts. Enter "J1" in the ledger accounts' post ref. columns for the journal page number. you Florida Outboard Motor Repair - Partial Chart of Accounts Account Name Number Cash in Bank 110 Parts Inventory 150 Equipment 180 Notes Payable 220 Common Stock 310 Sales Revenue 405 Repair Fees 410 Cost of Goods Sold 510 Rent Expense 520 Jim Peterson starts Florida Outboard Motor Repair on November 1, 2027 by issuing 100 shares of no-par common stock to himself for $10,000 cash. He deposits the cash to his business checking account at First National Bank November 1 November 2 Jim gets a $5,000 loan from First National Bank to use for additional start- up funds. The 5% loan is due in one year. The bank deposits the in Jim's business checking account. proceeds November 2 Jim rents space for a repair shop for one month and pays $800 cash. November 3 Jim buys equipment for $2,000 and pays cash.
General Ledger Cash in Bank Account Name Account Number 110 Date Post Balance Ref. Description Credit 2027 Debit Credit Debit Parts Inventory Account Number 150 Account Name Balance Date Post Credit Debit Description Debit Credit Ref. 2027 Account Number 180 Equipment Account Name Balance Post Date Credit Debit Debit Credit Ref. Description 2027 Notes Payable Account Number 220 Account Name Post Date Balance Ref. Debit Credit Description Debit 2027 Credit Common Stock Account Name Account Number 310 Date Post Balance Description 2027 Ref. Debit Credit Debit Credit
Transcribed Image Text:General Ledger Cash in Bank Account Name Account Number 110 Date Post Balance Ref. Description Credit 2027 Debit Credit Debit Parts Inventory Account Number 150 Account Name Balance Date Post Credit Debit Description Debit Credit Ref. 2027 Account Number 180 Equipment Account Name Balance Post Date Credit Debit Debit Credit Ref. Description 2027 Notes Payable Account Number 220 Account Name Post Date Balance Ref. Debit Credit Description Debit 2027 Credit Common Stock Account Name Account Number 310 Date Post Balance Description 2027 Ref. Debit Credit Debit Credit
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