●●●21 Received $250 cash for services provided.●22 Purchased a new bakery oven and other kitchen equipment for $4,500 on account.30 Received the $750 July utility bill. It is due on August 28.Provision should be made for the following additional accounts in the ledger: No. 306 R. Garana,Drawings, No. 426 Service Revenue, No. 726 Salaries Expense, and No. 732 Utilities Expense.Instructions23 Hired a new baker who will start working on July 28 and agreed to pay her $500 per week.26 Purchased supplies on account, $400.29 Invested $1,200 of personal funds into the business.A. Journalize the transactions.B. Post the transactions to the ledger accounts.C. Prepare a trial balance as at July 31, 2024.Action PlanPrepare separate journal entries for each transaction.In journalizing, use specific account titles taken from the chart of accounts.Provide an appropriate description of each journal entry.Arrange the ledger in statement order, beginning with the balance sheet accounts.Enter the balances at June 30, 2024Post the journal entries in chronological order.Numbers in the reference column indicate the amount has been posted.The trial balance lists accounts in the order in which they appear in the ledger.List debit balances in the left column, and credit balances in the right column. The trial balance of Garana's Bakery on June 30, 2024 is shown below:GARANA'S BAKERYTrial BalanceJune 30, 2024Account No.101112126157201206301CashAccounts receivableSuppliesEquipmentAccounts payableCOMPREHENSIVE QUESTIONUnearned revenueR. Garana, capitalThe July transactions were as follows:July 5 Received $1,420 cash from customers on account.10 Billed customers for bakery services performed, $6,700.15 Paid employee salaries, $1,800.15 Withdrew $500 for personal use.Debit20 Paid $2,400 to creditors on account.$12,6202,6201,9009,600$26,74016 Performed $850 of services for customer who paid in advance in June.Credit$5,1001,30020,340$26,740

Trial Balance: A trial balance is the summary of all the financial transactions of any business…

The trial balance of Garana's Bakery on June 30, 2024 is shown below: GARANA'S BAKERY Trial Balance June 30, 2024 Account No. 101 112 126 157 201 206 301 Cash Accounts receivable Supplies Equipment Accounts payable COMPREHENSIVE QUESTION Unearned revenue R. Garana, capital The July transactions were as follows: Debit $12,620 2,620 1,900 9,600 $26,740 Credit $5,100 1,300 20,340 $26,740

The trial balance of Garana's Bakery on June 30, 2024 is shown below: GARANA'S BAKERY Trial Balance June 30, 2024 Account No. 101 112 126 157 201 206 301 Cash Accounts receivable Supplies Equipment Accounts payable COMPREHENSIVE QUESTION Unearned revenue R. Garana, capital The July transactions were as follows: Debit $12,620 2,620 1,900 9,600 $26,740 Credit $5,100 1,300 20,340 $26,740

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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