Journalize and post business transactions for the following account: General Led
ID: 2362094 • Letter: J
Question
Journalize and post business transactions for the following account:General Ledger
101 Cash in Bank
102 Accounts Receivable
120 Grooming Supplies
130 Office Furniture
140 Grooming Equipment
205 Accounts Payable
301 Rex s Capital
305 Rex s Withdrawals
402 Boarding Revenue
410 Grooming Revenue
505 Salary Expenses
January 2005
Jan 1 Rex invested $5,000 in the business, Memorandum 10.
Jan 3
Rex transferred furniture valued at $2,000 to the business, Memorandum 11.
Jan 10
Issued check No. 501 for $400 for grooming supplies.
Jan 15
Bought grooming equipment on account for $2000 from Pets Inc.; Invoice 201.
Jan 17
Paid Pets, Inc. $500; check No. 105.
Jan 20
Rex withdrew $1,000 cash from business; check No. 59.
Jan 29
Salary paid to employee: $300 via check No. 60.
Jan 30
Deposited $2,000 received from client for rendering service; Receipt Nos. 124-130
Explanation / Answer
Jan 1: Dr Cash (101) $5,000 Cr Capital (301) $5,000 Jan 3 Dr Furniture (130) $2,000 Cr Capital (301) $2,000 Jan 10 Dr Grooming (140) $400 Cr Cash (101) $400 Jan 15 Dr Grooming (140) $2000 Cr Accounts payable (205) $2000 Jan 17 Dr Accounts payable (205) $500 Cr Cash (105) $500 Jan 20 Dr Withdrawals (305) $1000 Cr Cash (105) $1000 Jan 29 Dr Salary (505) $300 Cr Cash (105) $300 Jan 30 Dr Cash (105) $2000 Cr grooming revenue (410) $2000
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