Answered: d Explainatio

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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Question

The journal of Benesh Company follows:

Date Account and Explaination Ref Debit Credit

Aug. 2 Cash 6000

Dana Benesh, Capital 6000

Aug. 3. Cash 15000

Note payable 15000

Aug. 9 Supplies 270

Account Payable 270

Aug. 11 Accounts Receivable 2630

Sale Revenue 2630

Aug. 14 Rent Expenses 4200

Cash 4200

Aug. 22 Cash 1400

Accounts Receivables 1400

Aug. 25 Advertising Expense 350

Cash 350

Aug. 27 Account Payable 270

Cash 270

Aug. 31 Utilities Expense 220

Account Payable 220

Required

1. Describe each transaction

2. Post the transactions to the ledger using the following account number: Cash 110. Account Receivable 120, Supplies 130, Account Payable 210, Note Payable 230, Dana Benesh Capital 310, Sales Revenue 410, Rent Expenses 510, Advertising Expense 520, Utilities Expense 530. Use dates, Journal references and posting references. You may write the account numbers ad posting references directly to your book

3. Compute the balamces in each account after posting. Preapared Benesh Company Trial Balance at August 31, 19X6

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