Question

Fife & Company, a public corporation offering accounting services to low income clients has the following...

Fife & Company, a public corporation offering accounting services to low income clients has the following transactions in their second year of business.

Date Description Debit Credit
Jan 4 Organization Costs 23,000
   Common Stock 23,000
Jan 5 Cash 75,000
   Common Stock 75,000
Jan 8 Prepaid Rent 3,000
   Cash 3,000
Jan 12 Office Equipment 7,500
   Accounts Payable 6,250
   Cash 1,250
Jan 17 Cash 17,000
Accounts Receivable 6,000
   Service Revenue 23,000
Jan 25 Supplies 7,500
   Accounts Payable 7,500

Post the journal entries to the ledger and show the ending balance in each ledger account.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Ledger Accounts with ending balances in yellow color:

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On January 1, 2020, Mr. Wild formed a corporation to provide services to clients. Information about...
On January 1, 2020, Mr. Wild formed a corporation to provide services to clients. Information about the first year of operation follows: Jan. 1 Investors provided $1,500,000 in cash in exchange for stock of The Wild Corporation. Jan. 1 Purchased equipment in exchange for $100,000 cash and a $1,900,000 note payable at an annual rate of 5%, payable every 6 months. Jan. 1 Purchased $45,000 of insurance that will cover the next 3 years. This was recorded as prepaid insurance....
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title Debits Credits Cash 47,000 Accounts receivable 41,000 Inventories 82,000 Prepaid rent for the next 8 months 23,000 Marketable securities (short term) 17,000 Machinery 180,000 Accumulated depreciation—machinery 18,000 Patent (net of amortization) 86,000 Accounts payable 11,500 Wages payable 7,500 Taxes payable 39,000 Bonds payable (due in 10 years) 210,000 Common stock 100,000 Retained earnings 90,000 Totals 476,000 476,000 Required: Prepare a classified balance sheet for...
Please create trial balance & Income statement. JOURNAL ENTRIES Date                            Account Title and E
Please create trial balance & Income statement. JOURNAL ENTRIES Date                            Account Title and Explaination                     Debit                        Credit Jan 2                Cash                                                                                $40,000                         Computer Equipment                                                 $10,000                         A. Smith, Capital                                                                                $50,000 (To record Cash and Computer Equip brought                         into business) Jan 2                Rent Expense                                                              $1,800                         Cash                                                                                                    $1,800                         (To record Rent Expenses Paid) Jan 3                Office Supplies                                                           $1,000                         Accounts payable                                                                               $1,000                         (To record Purchase of office supplies) Jan 10             ...
For expenses, the category of account and its normal balance is ________. A) equity and a...
For expenses, the category of account and its normal balance is ________. A) equity and a credit balance B) assets and a debit balance C) assets and a credit balance D) equity and a debit balance    The Accounts Receivable account of Brownstone, Inc. has the following postings: Accounts Receivable 23,000 3,000 2,000       Calculate the ending balance of the account. A) $28,000 debit B) $25,000 debit C) $3,000 credit D) $22,000 debit    The Accounts Payable account of...
Instructions: Using the following template, prepare journal entries for the above economic transactions. Enter your journals...
Instructions: Using the following template, prepare journal entries for the above economic transactions. Enter your journals to the general ledger using the same file name. The following accounts should be used in recording your transactions: cash, accounts receivable, prepaid rent, office equipment, capital stock, prepaid insurance, office supplies, accounts payable, consulting revenue, dividends, and utility expense. Arizona Consultants, Inc. opened in March and completed the following transactions: March 1: Arizona Consultants Inc. issued 17,200 shares of $10 par value capital...
Pro-Builders Corporation has 1,500,000 shares of $5 par common stock outstanding. On September 2, Pro-Builders Corporation...
Pro-Builders Corporation has 1,500,000 shares of $5 par common stock outstanding. On September 2, Pro-Builders Corporation declared a 3% stock dividend to be issued November 30 to stockholders of record on October 3. The market price of the stock was $36 per share on September 2. Journalize the entries required on September 2, October 3, and November 30. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account...
Post Closing Entries ABC Corporation Adjusted Trial Balance December 31, 2016 Debit Credit Cash $          834,544...
Post Closing Entries ABC Corporation Adjusted Trial Balance December 31, 2016 Debit Credit Cash $          834,544 Accounts Receivable              442,120 Allowance for doubtful accounts               75,000 Inventory                70,000 Allowance to Reduce Inventory to NRV               16,000 Prepaid Insurance                  4,500 Land                88,000 Building                37,500 Accumulated depreciation: building                 1,265 Equipment                21,600 Accumulated depreciation: equipment                 9,900 Patent                45,000 Accounts Payable               88,851 Interest Payable               35,000 Income taxes payable               37,221 Wages payable                 4,000...
Prepare the income statement for this Information. ABC Corporation Adjusted Trial Balance December 31, 2016 Debit...
Prepare the income statement for this Information. ABC Corporation Adjusted Trial Balance December 31, 2016 Debit Credit Cash $        1,597,218 Accounts receivable              442,120 Allowance for doubtful accounts               75,000 Inventory                70,000 Allowance to Reduce Inventory to NRV               16,000 Purchases                        - Prepaid insurance                  4,500 Land                88,000 Building                37,500 Accumulated depreciation: building                 1,265 Equipment                21,600 Accumulated depreciation: equipment                 9,900 Patent                50,000 Accounts payable               88,851 Notes payable               40,000 Income taxes...
Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for...
Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. A. Sold $61,700 of merchandise on account, subject to a sales tax of 6%. The cost of the goods sold was $38,720. B. Paid $40,670 to the state sales tax department for taxes collected. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store...
The transactions of Spade Company appear below. Kacy Spade, owner, invested $18,250 cash in the company...
The transactions of Spade Company appear below. Kacy Spade, owner, invested $18,250 cash in the company in exchange for common stock. The company purchased office supplies for $529 cash. The company purchased $10,092 of office equipment on credit. The company received $2,153 cash as fees for services provided to a customer. The company paid $10,092 cash to settle the payable for the office equipment purchased in transaction c. The company billed a customer $3,869 as fees for services provided. The...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT