Posting to the General Ledger 1. Make t account Date Account Debit ($) Credit ($) 1-Mar Cash 50,000 Motor Vehicle 140,000 Capital 190000 2-Mar Cash 260,000 Loan from Victoria National Bank 260,000 3-Mar Furniture 60,000 Cash 60,000 Purchases/chan Merchandise 130,000 cash 130,000 4-Mar Display Cabinet 150,000 Account Payable - Appliance Trading Ltd 150,000 cash 110,000 sales Revenue 110,000 5-Mar Accounts Receivable - Designer Collections 105,000 Accounts Receivable - Dee's Fifth Avenue 95,000 sales Revenue 200,000 7-Mar Purchases 80,000 Accounts Payable - Louis Button 80,000 8-Mar Accounts Receivable - Tom Ford 80,000 Sales Revenue 80,000 10-Mar Stationery Expenses 12,000 Cash 12,000 13-Mar Accounts Payable - Louis Button 5,000 Merchandise inventory 5,000 15-Mar Purchases 35,200 Accounts Payable - Coco Chantal 35,200 16-Mar Bank 135,000 Sales 135,000 17-Mar Cash 100,800 Sales Discounts 4200 Accounts Receivable Designer Collection 105,000 18-Mar Bank 50,000 Cash 50,000 19-Mar Sales Return and Allowances 4,500 Accounts Receivable - Dee's Fifth Avenue 4,500 20-Mar Accounts Payable - Louis Button 69,000 Cash 69,000 22-Mar Utilities Expense - Electricity 60,000 Bank 60,000 Utilities Expense - Water 30,000 Cash 30,000 Utilities Expense - Security 25,000 Bank 25,000 25-Mar Wages Expense 85,000 Bank 85,000 28-Mar Personal Drawings - Louis Button Ball Gown 18,500 Purchases 18,500 30-Mar Bank 15,000 Commission Earned 15,000 1,909,200 1909200
Posting to the General Ledger 1. Make t account Date Account Debit ($) Credit ($) 1-Mar Cash 50,000 Motor Vehicle 140,000 Capital 190000 2-Mar Cash 260,000 Loan from Victoria National Bank 260,000 3-Mar Furniture 60,000 Cash 60,000 Purchases/chan Merchandise 130,000 cash 130,000 4-Mar Display Cabinet 150,000 Account Payable - Appliance Trading Ltd 150,000 cash 110,000 sales Revenue 110,000 5-Mar Accounts Receivable - Designer Collections 105,000 Accounts Receivable - Dee's Fifth Avenue 95,000 sales Revenue 200,000 7-Mar Purchases 80,000 Accounts Payable - Louis Button 80,000 8-Mar Accounts Receivable - Tom Ford 80,000 Sales Revenue 80,000 10-Mar Stationery Expenses 12,000 Cash 12,000 13-Mar Accounts Payable - Louis Button 5,000 Merchandise inventory 5,000 15-Mar Purchases 35,200 Accounts Payable - Coco Chantal 35,200 16-Mar Bank 135,000 Sales 135,000 17-Mar Cash 100,800 Sales Discounts 4200 Accounts Receivable Designer Collection 105,000 18-Mar Bank 50,000 Cash 50,000 19-Mar Sales Return and Allowances 4,500 Accounts Receivable - Dee's Fifth Avenue 4,500 20-Mar Accounts Payable - Louis Button 69,000 Cash 69,000 22-Mar Utilities Expense - Electricity 60,000 Bank 60,000 Utilities Expense - Water 30,000 Cash 30,000 Utilities Expense - Security 25,000 Bank 25,000 25-Mar Wages Expense 85,000 Bank 85,000 28-Mar Personal Drawings - Louis Button Ball Gown 18,500 Purchases 18,500 30-Mar Bank 15,000 Commission Earned 15,000 1,909,200 1909200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Posting to the General Ledger 1. Make t account
Date | Account | Debit ($) | Credit ($) |
1-Mar | Cash | 50,000 | |
Motor Vehicle | 140,000 | ||
Capital | 190000 | ||
2-Mar | Cash | 260,000 | |
Loan from Victoria National Bank | 260,000 | ||
3-Mar | Furniture | 60,000 | |
Cash | 60,000 | ||
Purchases/chan Merchandise | 130,000 | ||
cash | 130,000 | ||
4-Mar | Display Cabinet | 150,000 | |
Account Payable - Appliance Trading Ltd
|
150,000 | ||
cash | 110,000 | ||
sales Revenue | 110,000 | ||
5-Mar | 105,000 | ||
Accounts Receivable - Dee's Fifth Avenue | 95,000 | ||
sales Revenue | 200,000 | ||
7-Mar | Purchases | 80,000 | |
Accounts Payable - Louis Button | 80,000 | ||
8-Mar | Accounts Receivable - Tom Ford | 80,000 | |
Sales Revenue | 80,000 | ||
10-Mar | Stationery Expenses | 12,000 | |
Cash | 12,000 | ||
13-Mar | Accounts Payable - Louis Button | 5,000 | |
Merchandise inventory | 5,000 | ||
15-Mar | Purchases | 35,200 | |
Accounts Payable - Coco Chantal | 35,200 | ||
16-Mar | Bank | 135,000 | |
Sales | 135,000 | ||
17-Mar | Cash | 100,800 | |
Sales Discounts | 4200 | ||
Accounts Receivable Designer Collection
|
105,000 | ||
18-Mar | Bank | 50,000 | |
Cash | 50,000 | ||
19-Mar | Sales Return and Allowances | 4,500 | |
Accounts Receivable - Dee's Fifth Avenue
|
4,500 | ||
20-Mar | Accounts Payable - Louis Button | 69,000 | |
Cash | 69,000 | ||
22-Mar | Utilities Expense - Electricity | 60,000 | |
Bank | 60,000 | ||
Utilities Expense - Water | 30,000 | ||
Cash | 30,000 | ||
Utilities Expense - Security | 25,000 | ||
Bank | 25,000 | ||
25-Mar | Wages Expense | 85,000 | |
Bank | 85,000 | ||
28-Mar | Personal Drawings - Louis Button Ball Gown | 18,500 | |
Purchases | 18,500 | ||
30-Mar | Bank | 15,000 | |
Commission Earned | 15,000 | ||
1,909,200 | 1909200 |
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