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
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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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