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Transactions are first journalized and then posted to ledger accounts. In this exercise, however, ' your understanding of the relationship between the journal and the ledger is tested by asking you to study some ledger accounts and determine the joumal entries that probably were made to produce these ledger entries. The following accounts show the first six transactions of Avenson Insurance Company. Prepare a journal entry (including a written explanation) for each transaction. Cash Vehlcles Nov. 1 120,000 Nov. 8 33,600 Nov. 30 9,400 Nov. 25 12,000 Nov. 30 1,400 Land Notes Payable Nov. 8 70,000 Nov. 25 12,000 Nov. 8 95,000 Nov. 30 8,000 Bullding Accounts Payable Nov. 8 58,600 Nov. 21 480 Nov. 15 3,200 Office Equlpment' Capital Stock Nov. 15 3,200 Nov. 21 480. Nov. 1 120,000

Transactions are first journalized and then posted to ledger accounts. In this exercise, however, ' your understanding of the relationship between the journal and the ledger is tested by asking you to study some ledger accounts and determine the joumal entries that probably were made to produce these ledger entries. The following accounts show the first six transactions of Avenson Insurance Company. Prepare a journal entry (including a written explanation) for each transaction. Cash Vehlcles Nov. 1 120,000 Nov. 8 33,600 Nov. 30 9,400 Nov. 25 12,000 Nov. 30 1,400 Land Notes Payable Nov. 8 70,000 Nov. 25 12,000 Nov. 8 95,000 Nov. 30 8,000 Bullding Accounts Payable Nov. 8 58,600 Nov. 21 480 Nov. 15 3,200 Office Equlpment' Capital Stock Nov. 15 3,200 Nov. 21 480. Nov. 1 120,000

FINANCIAL ACCOUNTING
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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finalacial accounting

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Transactions are first journalized and then posted to ledger accounts. In this exercise, however, your understanding of the relationship between the journal and the ledger is tested by asking you to study some ledger accounts and determine the journal entries that probably were made to produce these ledger entries. The following accounts show the first six transactions of Avenson Insurance Company. Prepare a journal entry (including a written explanation) for each transaction. LI2 EXERCISE 3.3 Relationship between Journal and Ledger 15 Accounts through Cash Vehlcles Nov. 1 Nov. 8 Nov. 25 120,000 33,600 Nov. 30 9,400 12,000 Nov. 30 1,400 Land Notes Payable Nov. 8 70,000 Nov. 25 12,000 Nov. 8 95,000 Nov. 30 8,000 Bullding Accounts Payable Nov. 8 58,600 Nov. 21 480 Nov. 15 3,200 Office Equlpment Capital Stock Nov. 15 3,200 Nov. 21 480. Nov. 1 120,000
Transcribed Image Text:Transactions are first journalized and then posted to ledger accounts. In this exercise, however, your understanding of the relationship between the journal and the ledger is tested by asking you to study some ledger accounts and determine the journal entries that probably were made to produce these ledger entries. The following accounts show the first six transactions of Avenson Insurance Company. Prepare a journal entry (including a written explanation) for each transaction. LI2 EXERCISE 3.3 Relationship between Journal and Ledger 15 Accounts through Cash Vehlcles Nov. 1 Nov. 8 Nov. 25 120,000 33,600 Nov. 30 9,400 12,000 Nov. 30 1,400 Land Notes Payable Nov. 8 70,000 Nov. 25 12,000 Nov. 8 95,000 Nov. 30 8,000 Bullding Accounts Payable Nov. 8 58,600 Nov. 21 480 Nov. 15 3,200 Office Equlpment Capital Stock Nov. 15 3,200 Nov. 21 480. Nov. 1 120,000
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