Date Account Name (Naration) Post Ref. Debit $ Credit $ 2021 5 April Cash 100 20 000 Share Capital (Issued Shares for cash) 970 20 000 1 Motor Vehicles 715 425 000 Cash 100 5 000 Bank Loan 800 420 000 1 (Purchased Bus) 2 2 Prepaid Insurance 620 5 600 3 Cash 100 5 600 4 (Paid Annual Insurance Policy) 1 100 4 Office Equipment Cash (Purchased Office Equipment) 5 Uniforms 5 710 6 100 1 100 7. 8. 496 150 Accounts Payable |(Purchased Unifoms) 5 Prepaid Rent 9 800 150 1 622 800 2 Rent Expense 486 200 3 Cash 100 1 000 (Paid rent for 5 months) 7 Accounts Receivable 4 5 610 16 879 6 Service Revenue 201 16 879 (Invoiced Customers) 10 Advertising 7 8 403 200 9 Accounts Payable 800 200 (Purchased Advertising Expense) 10 Cleaning Supplies 1 408 100 Accounts Payable (Purchased Cleaning supplies) 11 Workers Compensation 2 800 100 3 4 432 1 000 5 Cash 1 000 6 (Paid Workers Compensation) 17 Interest Expense 437 2 500 8 Interest Payable 332 2 500 9 17 Salaries 477 1 520 Salaries Payable (To record accrued salaries) 1 804 1 520 2 3 20 Accounts Receivable 610 896 4 Service Revenue 201 896 5 (Invoiced Customers) 6 23 Repairs & Maintenance 401 1 167 7. Cash 100 1 167 8 (Paid for Repairs) 9 26 Accounts Payable 800 200 Cash 100 200 1 (Paid accounts payable) 28 Cash 100 16 879 3 Accounts Receivable 610 16 879 (Collected cash from customers on account) 30 Fuel Expense 4 5 400 796 6 Cash 100 796 7. (Paid for Fuel) 8 30 Bank Loan 337 6 872 9 Cash 100 6 872 (Payment being made to bank for bus purchase) 30 Depreciation - Motor Vehicles 1 416 3 852 Accumulated Depreciation - Motor Vehicles (To record depreciation expense) 2 716 3 852 3 4 30 Dividends 960 900 5 Cash 100 900 6 (Payment of Cash Dividend)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question

Post them to the ledger accounts; include narrations and dates. Then prepare the trial balance.

Date
Account Name (Narration)
Post Ref. Debit $
Credit $
4
2021
5 April
Cash
100
20 000
Share Capital
(Issued Shares for cash)
6
970
20 000
7
8
1 Motor Vehicles
715
425 000
9
Cash
100
5 000
10
Bank Loan
800
420 000
11
(Purchased Bus)
12
2 Prepaid Insurance
620
5 600
13
Cash
100
5 600
14
(Paid Annual Insurance Policy)
15
4 Office Equipment
710
1 100
16
Cash
100
1 100
(Purchased Office Equipment)
5 Uniforms
17
18
496
150
Accounts Payable
(Purchased Uniforms)
5 Prepaid Rent
19
800
150
20
21
622
800
22
Rent Expense
486
200
23
Cash
100
1 000
(Paid rent for 5 months)
7 Accounts Receivable
24
25
610
16 879
26
Service Revenue
201
16 879
27
(Invoiced Customers)
28
10 Advertising
403
200
29
Accounts Payable
800
200
30
(Purchased Advertising Expense)
31
10 Cleaning Supplies
408
100
32
Accounts Payable
800
100
33
(Purchased Cleaning supplies)
34
11 Workers Compensation
432
1 000
35
Cash
1 000
36
(Paid Workers Compensation)
37
17 Interest Expense
437
2 500
38
Interest Payable
332
2 500
39
40
17 Salaries
477
1 520
Salaries Payable
(To record accrued salaries)
41
804
1 520
42
43
20 Accounts Receivable
610
896
44
Service Revenue
201
896
45
(Invoiced Customers)
46
23 Repairs & Maintenance
401
1 167
47
Cash
100
1 167
(Paid for Repairs)
26 Accounts Payable
48
49
800
200
50
Cash
100
200
51
(Paid accounts payable)
52
28 Cash
100
16 879
53
Accounts Receivable
610
16 879
(Collected cash from customers on account)
30 Fuel Expense
54
55
400
796
56
Cash
100
796
(Paid for Fuel)
30 Bank Loan
57
58
337
6 872
59
Cash
100
6 872
60
(Payment being made to bank for bus purchase)
61
30 Depreciation - Motor Vehicles
416
3 852
62
Accumulated Depreciation - Motor Vehicles
716
3 852
63
(To record depreciation expense)
64
30 Dividends
960
900
65
Cash
100
900
66
(Payment of Cash Dividend)
Transcribed Image Text:Date Account Name (Narration) Post Ref. Debit $ Credit $ 4 2021 5 April Cash 100 20 000 Share Capital (Issued Shares for cash) 6 970 20 000 7 8 1 Motor Vehicles 715 425 000 9 Cash 100 5 000 10 Bank Loan 800 420 000 11 (Purchased Bus) 12 2 Prepaid Insurance 620 5 600 13 Cash 100 5 600 14 (Paid Annual Insurance Policy) 15 4 Office Equipment 710 1 100 16 Cash 100 1 100 (Purchased Office Equipment) 5 Uniforms 17 18 496 150 Accounts Payable (Purchased Uniforms) 5 Prepaid Rent 19 800 150 20 21 622 800 22 Rent Expense 486 200 23 Cash 100 1 000 (Paid rent for 5 months) 7 Accounts Receivable 24 25 610 16 879 26 Service Revenue 201 16 879 27 (Invoiced Customers) 28 10 Advertising 403 200 29 Accounts Payable 800 200 30 (Purchased Advertising Expense) 31 10 Cleaning Supplies 408 100 32 Accounts Payable 800 100 33 (Purchased Cleaning supplies) 34 11 Workers Compensation 432 1 000 35 Cash 1 000 36 (Paid Workers Compensation) 37 17 Interest Expense 437 2 500 38 Interest Payable 332 2 500 39 40 17 Salaries 477 1 520 Salaries Payable (To record accrued salaries) 41 804 1 520 42 43 20 Accounts Receivable 610 896 44 Service Revenue 201 896 45 (Invoiced Customers) 46 23 Repairs & Maintenance 401 1 167 47 Cash 100 1 167 (Paid for Repairs) 26 Accounts Payable 48 49 800 200 50 Cash 100 200 51 (Paid accounts payable) 52 28 Cash 100 16 879 53 Accounts Receivable 610 16 879 (Collected cash from customers on account) 30 Fuel Expense 54 55 400 796 56 Cash 100 796 (Paid for Fuel) 30 Bank Loan 57 58 337 6 872 59 Cash 100 6 872 60 (Payment being made to bank for bus purchase) 61 30 Depreciation - Motor Vehicles 416 3 852 62 Accumulated Depreciation - Motor Vehicles 716 3 852 63 (To record depreciation expense) 64 30 Dividends 960 900 65 Cash 100 900 66 (Payment of Cash Dividend)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education