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. Cash Vehicles Nov. 1 144,000 Nov. 8 40,320 Nov. 30 11,280 Nov. 25 14,400 Nov. 30 1,680 Land Notes Payable Nov. 8 84,000 Nov. 25 14,400 Nov. 8 114,000 Nov. 30 9,600 Building Accounts Payable Nov. 8 70,320 Nov. 21 576 Nov. 15 3,840 Office Equipment Capital Stock Nov. 15 3,840 Nov. 21 576 Nov. 1 144,000 Using the information in the ledger accounts presented in Exercise 3.3, prepare a trial balance for Avenson Insurance Company dated November 30.

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. Cash Vehicles Nov. 1 144,000 Nov. 8 40,320 Nov. 30 11,280 Nov. 25 14,400 Nov. 30 1,680 Land Notes Payable Nov. 8 84,000 Nov. 25 14,400 Nov. 8 114,000 Nov. 30 9,600 Building Accounts Payable Nov. 8 70,320 Nov. 21 576 Nov. 15 3,840 Office Equipment Capital Stock Nov. 15 3,840 Nov. 21 576 Nov. 1 144,000 Using the information in the ledger accounts presented in Exercise 3.3, prepare a trial balance for Avenson Insurance Company dated November 30.

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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The purchases journal for). K. Insurance for the month of October Is represented below. Accounts Payable Is account number 202 and Purchases Is account number 501. PURCHASES JOURNAL Page s Purchases Debit/ Accounts Payable Date Invoice No. From Whom Purchased Post Ref. Credit Oct. 2 3118 Express Florist 3,550.00 3119 T. C. S. Supplies 2,790.00 3120 Auto Body Repalr 3,850.00 Signs Unlimited 4,150.00 3121 Dynasty Limo 2,380.00 10 3122 15 3123 T. C. S. Supplles 2,150.00 18,870.00 Required: 1. Post the Information from the purchases journal to the appropriate general ledger and accounts payable ledger accounts. GENERAL LEDGER ACCOUNT NO. 202 ACCOUNT Accounts Payable BALANCE DEBIT CREDIT DEBIT CREDIT DATE ITEM POST. REF. P5 ACCOUNT NO. 501 ACCOUNT Purchases BALANCE DEBIT CREDIT DEBIT CREDIT DATE ITEM POST. REF. P5 ACCOUNTS PAYABLE LEDGER ACCOUNT Auto Body Repair
Accounting Q
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E6-2B. From the following transactions for Maggie Co., when appropriate, journalize, record, post, and prepare a schedule of accounts receivable. Use the same journal headings (all page 1) and chart of accounts that Art's Clothing used in the text (use Maggie G., Capital). You will have to set up your own accounts receivable subsidiary ledger and partial general ledger as needed. All sales terms are 2/10, n/30. 2023 June 2 Maggie G. invested $6,000 in the business. 3 Sold merchandise on account to Boston Co., invoice No. 218, $800. Cost of inventory was $600. 3 Sold merchandise on account to Wei Co., invoice No. 219, $1,200. Cost of inventory was $900. 6 Cash sale, $300. Cost of inventory was $225. 9 Issued credit memorandum No. 24 to Boston Co. for defective merchandise, $150. Cost of inventory was $112.50. 10 Received cheque from Boston Co. for invoice No. 218 less returns and discount. 16 Cash sale, $500. Cost of inventory was $375. 17 Sold merchandise on account to Boston Co.,…
Make a ledger account with this journal entry.
Prepare a journal entry on August 13 for cash received for services rendered, $10,150. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
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. Cash Land Building Nov. 1 144,000 Nov. 8 Nov. 8 40,320 14,400 1,680 84,000 Nov. 8 70,320 Nov. 25 Nov. 30 Office Equipment 3,840 Vehicles Notes Payable Nov. 15 Nov. 21 576 Nov. 30 11, 280 Nov. 25 14,400 Nov. 8 114, 000 9,600 Nov. 30 Accounts Payable Capital Stock Nov. 21 576 Nov. 15 3,840 Nov. 1 144,e00 Prepare a journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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