Chapter 5, Problem 5PB

The transactions completed by AM Express Company during March 2016, the first month of the fiscal year, were as follows:

Instructions

1. 1. Enter the following account balances in the general ledger as of March 1:

1. 2. Journalize the transactions for March 2016, using the following journals similar to those illustrated in this chapter: single-column revenue journal (p. 35), cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.
2. 3. Post the appropriate individual entries to the general ledger.
3. 4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances.
4. 5. Prepare a trial balance.