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E3-14B Here is the ledger for Camphor Co. Journalize transactions from T account

ID: 2331745 • Letter: E

Question

E3-14BHere is the ledger for Camphor Co.

Journalize transactions from T accounts and prepare a trial balance.

(LO 3, 5), AP

Common Stock

Oct. 1

15,000

Oct.   4

400

Oct.   1

15,000

       10

980

         12

1,500

          25

2,000

       10

8,000

         15

250

       20

700

         30

300

Dividends

       25

2,000

         31

500

Oct.    30     300

Accounts Receivable

Service Revenue

Oct. 6

800

Oct.         20

700

Oct.   6

800

       20

920

          10

980

          20

920

Supplies

Salaries and Wages Expense

Oct. 4

400

Oct.         31

180

Oct.    31     500

Equipment

Supplies Expense

Oct. 3

3,000

Oct.    31     180

Notes Payable

Rent Expense

Oct.         10

8,000

Oct.    15     250

Accounts Payable

Oct. 12

1,500

Oct.   3

3,000

Instructions

(a) Reproduce the journal entries for only the transactions that occurred on October 1, 10, and 20, and provide explanations for each.

(b) Prepare a trial balance at October 31, 2014. (Hint: Compute ending balances of T accounts first.)

Journalize transactions from T accounts and prepare a trial balance.

(LO 3, 5), AP

Cash

Common Stock

Oct. 1

15,000

Oct.   4

400

Oct.   1

15,000

       10

980

         12

1,500

          25

2,000

       10

8,000

         15

250

       20

700

         30

300

Dividends

       25

2,000

         31

500

Oct.    30     300

Explanation / Answer

Oct-01 Cash 15000         Common stock 15000 Being common stock issued for cash Oct-10 Cash 8000          Notes payable 8000 Being notes payable issued for cash Oct-10 Cash 980          Service revenue 980 Being cash received for services incurred Oct-20 Accounts receivable 920           Service revenue 920 Being service incurred on account Oct-20 Cash 700           Accounts receivable 700 (being cash received from accounts ) Trial balance Cash 23730 Accounts receivable 1020 Supplies 220 Equipment 3000 Notes payable 8000 Accounts payable 1500 Common stock 17000 Dividend 300 Service revenue 2700 Salaries and wages expense 500 Supplies expense 180 Rent expense 250 Total 29200 29200