PR 2-3-1 - Journalize/Post/Trial Balance - Goldwin Financial Consulting Below is the chart of accounts for Goldwin Financial Consulting with the account balances for March 10 of the current year. 117,000 14,000 101 Cash 301 Common Stock 100,000 110 Accounts Receivable 320 Dividends -0- 21,000 1,500 120 Prepaid Insurance -0- 401 Fees Earned 130 Office Supplies 610 Advertising Expense 630 Salaries Expense 1,000 160 Land -0- 3,500 201 Accounts Payable 16,000 Instructions: 1. Journalize the transactions for March in a two-column journal beginning on Page 3. Journal entry explanations may be omitted. 2. In the General Ledger, open the T-accounts with the account name, number, and balance. (See GL tab below) 3. Post the journal entries to T-accounts, inserting appropriate posting references in the General Journal as each item is posted. After all transactions are posted, determine the account balances.

PR 2-3-1 - Journalize/Post/Trial Balance - Goldwin Financial Consulting Below is the chart of accounts for Goldwin Financial Consulting with the account balances for March 10 of the current year. 117,000 14,000 101 Cash 301 Common Stock 100,000 110 Accounts Receivable 320 Dividends -0- 21,000 1,500 120 Prepaid Insurance -0- 401 Fees Earned 130 Office Supplies 610 Advertising Expense 630 Salaries Expense 1,000 160 Land -0- 3,500 201 Accounts Payable 16,000 Instructions: 1. Journalize the transactions for March in a two-column journal beginning on Page 3. Journal entry explanations may be omitted. 2. In the General Ledger, open the T-accounts with the account name, number, and balance. (See GL tab below) 3. Post the journal entries to T-accounts, inserting appropriate posting references in the General Journal as each item is posted. After all transactions are posted, determine the account balances.

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Description: PR 2-3-1 - Journalize/Post/Trial Balance - Goldwin Financial ConsultingBelow is the chart of accounts for Goldwin Financial Consulting with the account balances for March 10 of the current year.117,00014,000101 Cash301 Common Stock100,000110 Account

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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PR 2-3-1 - Journalize/Post/Trial Balance - Goldwin Financial Consulting
Below is the chart of accounts for Goldwin Financial Consulting with the account balances for March 10 of the current year.
117,000
14,000
101 Cash
301 Common Stock
100,000
110 Accounts Receivable
320 Dividends
-0-
21,000
1,500
120 Prepaid Insurance
-0-
401 Fees Earned
130 Office Supplies
610 Advertising Expense
630 Salaries Expense
1,000
160 Land
-0-
3,500
201 Accounts Payable
16,000
Instructions:
1.
Journalize the transactions for March in a two-column journal beginning on Page 3. Journal entry explanations may be omitted.
2.
In the General Ledger, open the T-accounts with the account name, number, and balance. (See GL tab below)
3.
Post the journal entries to T-accounts, inserting appropriate posting references in the General Journal as each item is posted. After all transactions are posted, determine the account balances.

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