Date Transaction Oct-01 Cash of $10,000 was invested in Umbrella Corporation in exchange for 10,000 common shares. Oct-01 Umbrella borrowed $5,000 from Scotiabank to purchase equipment. Oct-02 Umbrella Corporation paid its office rent for the month of October in $90o. Oct-05 Umbrella paid $600 for a one-year insurance policy effective October 1 that expires next year on September 30. Oct-09 Umbrella purchased advertising supplies on account from Aero Supply Corp. for $2,500. Oct-13 Umbrella performed $20,000 of advertising services for Alpha Ltd. Umbrella sent Alpha a bill for these services. Oct-19 Umbrella received a $1,200 cash advance from Leon Kennedy, a client, for advertising services. Oct-22 Umbrella made a partial payment of $1,000 to Aero Supply Corp. on October 9. Oct-23 Employees of Umbrella worked for two weeks, earning $4,000 in salaries and were paid on October 23 Oct-26 Umbrella paid a $500 cash dividend. Oct-30 Alpha Ltd. paid Umbrella $5,000 of the amount owing on its account on October 13. Oct-30 Umbrella paid a monthly income tax of $1,800
Date Transaction Oct-01 Cash of $10,000 was invested in Umbrella Corporation in exchange for 10,000 common shares. Oct-01 Umbrella borrowed $5,000 from Scotiabank to purchase equipment. Oct-02 Umbrella Corporation paid its office rent for the month of October in $90o. Oct-05 Umbrella paid $600 for a one-year insurance policy effective October 1 that expires next year on September 30. Oct-09 Umbrella purchased advertising supplies on account from Aero Supply Corp. for $2,500. Oct-13 Umbrella performed $20,000 of advertising services for Alpha Ltd. Umbrella sent Alpha a bill for these services. Oct-19 Umbrella received a $1,200 cash advance from Leon Kennedy, a client, for advertising services. Oct-22 Umbrella made a partial payment of $1,000 to Aero Supply Corp. on October 9. Oct-23 Employees of Umbrella worked for two weeks, earning $4,000 in salaries and were paid on October 23 Oct-26 Umbrella paid a $500 cash dividend. Oct-30 Alpha Ltd. paid Umbrella $5,000 of the amount owing on its account on October 13. Oct-30 Umbrella paid a monthly income tax of $1,800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Create a general ledger. Do it nicely.
Transcribed Image Text:Date
Transaction
Oct-01
Cash of $10,000 wasinvested in Umbrella Corporation in exchange for 10,000 common shares.
Oct-01
Umbrella borrowed $5,000 from Scotiabank to purchase equipment.
Oct-02
Umbrella Corporation paidits office rent for the month of October in $900.
Oct-05
Umbrella paid $600 for a one-year insurance policy effective October 1 that expires next year on September 30.
Oct-09
Umbrella purchased advertising supplies on account from Aero Supply Corp. for $2,500.
Oct-13
Umbrella performed $20,000 of advertising services for Alpha Ltd. Umbrella sent Alpha a bill for these services.
Oct-19
Umbrella received a $1,200 cash advance from Leon Kennedy, a client, for advertising services.
Oct-22
Umbrella made a partial payment of $1,000 to Aero Supply Corp. on October 9.
Oct-23
Employees of Umbrella worked for two weeks, earning $4,000 in salaries and were paid on October 23
Oct-26
Umbrella paid a $500 cash dividend.
Oct-30
Alpha Ltd. paid Umbrella $5,000 of the amount owing on its account on October 13.
Oct-30
Umbrella paid a monthly income tax of $1,800
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