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

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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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

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