Answered Essay: Process #4: Post to General Journal Entries to Ledger Posting entries to ledger Instructions 1. You will create your ledger

Process #4: Post to General Journal Entries to Ledger Posting entries to ledger Instructions 1. You will create your ledger. You create a formal ledger. You cannot use T-accounts (see textbook, Chapter 3 for example). 2. Start with the Adjusted Trial Balance from June 30, 2017. The account balances will be entered into the ledger as beginning balances for July 1, 2017 3. Then, post your general journal entries, in chronological order, for the months July. August and September 8/30/2017
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Process #4: Post to General Journal Entries to Ledger Posting entries to ledger Instructions 1. You will create your ledger. You create a formal ledger. You cannot use T-accounts (see textbook, Chapter 3 for example). 2. Start with the Adjusted Trial Balance from June 30, 2017. The account balances will be entered into the ledger as beginning balances for July 1, 2017 3. Then, post your general journal entries, in chronological order, for the months July. August and September 8/30/2017

Expert Answer

 

Ledger accounts are as prepared below:

Cash Prepaid Insurance
Particulars Amount Particulars Amount Particulars Amount Particulars Amount
Beg Balance 45,000 Jul-01 1,500 Beg Balance 0
Jul-01 15,000 Jul-05 1,200 Jul-01 1,500
Jul-06 2,000 Jul-15 4,100
Jul-30 1,350 Jul-17 150
Aug-01 10,000 Jul-20 350 1,500 0
Aug-10 3,500 Aug-05 1,200 Ending balance 1,500
Sep-23 2,000 Aug-15 4,100 Notes payable
Aug-17 150 Particulars Amount Particulars Amount
Aug-20 350 Beg Balance 0
Sep-05 1,200 Aug-01 10,000
Sep-15 4,100 Sep-23 2,000
Sep-17 150 0 12,000
Sep-20 350 Ending balance 12,000
Sep-22 500 Dividends
Sep-24 280 Particulars Amount Particulars Amount
Sep-24 280 0
78,850 19,680 280 0
Ending balance 59,170 Ending balance 280
Account Receivable Account payable
Particulars Amount Particulars Amount Particulars Amount Particulars Amount
Beg Balance 3,200 Sep-22 500 Beg Balance 0
Jul-11 3,420 Jul-10 3,000
Aug-25 300
6,620 0 500 3,300
Ending balance 6,620 Ending balance 2,800
Inventory Unearned Revenue
Particulars Amount Particulars Amount Particulars Amount Particulars Amount
Beg Balance 9,200 Jul-06 800 Beg Balance 0
Jul-10 3,000 Jul-11 2,000 Jul-30 1,350
Aug-10 1,200
12,200 4,000 0 1,350
Ending balance 8,200 Ending balance 1,350
Prepaid Advertising
Particulars Amount Particulars Amount
Beg Balance 4,000
4,000 0
Ending balance 4,000
Supplies
Particulars Amount Particulars Amount
Beg Balance 2,200
Aug-25 300
2,500 0
Ending balance 2,500
Equipment
Particulars Amount Particulars Amount
Beg Balance 31,250
Jul-01 18,000
49,250 0
Ending balance 49,250
Accumulated dep-Equipment
Particulars Amount Particulars Amount
Beg Balance 220
0 220
Ending balance 220
Salaries and Wages Payable
Particulars Amount Particulars Amount
Jul-15 2,050 Beg Balance 2,050
2,050 2,050
Ending balance 0
Common Stock
Particulars Amount Particulars Amount
Beg Balance 25,000
Jul-01 25,000
0 50,000
Ending balance 50,000
Paid in capital in excess of par
Particulars Amount Particulars Amount
Beg Balance 10,000
Jul-01 8,000
0 18,000
Ending balance 18,000
Service Revenue
Particulars Amount Particulars Amount
Beg Balance 13,000
Jul-06 2,000
0 15,000
Ending balance 15,000
Sales Revenue
Particulars Amount Particulars Amount
Beg Balance 60,650
Jul-11 3,420
Aug-10 3,500
0 67,570
Ending balance 67,570
Cost of goods sold
Particulars Amount Particulars Amount
Beg Balance 15,000
Jul-06 800
Jul-11 2,000
Aug-10 1,200
19,000 0
Ending balance 19,000
Rent Expense
Particulars Amount Particulars Amount
Beg Balance 6,000
Jul-05 1,200
Aug-05 1,200
Sep-05 1,200
9,600 0
Ending balance 9,600
Advertising expense
Particulars Amount Particulars Amount
Beg Balance 2,000
2,000 0
Ending balance 2,000
Salaries expense
Particulars Amount Particulars Amount
Beg Balance 18,450
Jul-15 2,050
Aug-15 4,100
Sep-15 4,100
28,700 0
Ending balance 28,700
Utilities expense
Particulars Amount Particulars Amount
Beg Balance 1,750
Jul-20 350
Aug-20 350
Sep-20 350
2,800 0
Ending balance 2,800
Depreciation expense
Particulars Amount Particulars Amount
Beg Balance 220
220 0
Ending balance 220
Phone/Internet expense
Particulars Amount Particulars Amount
Beg Balance 750
Jul-17 150
Aug-17 150
Sep-17 150
1,200 0
Ending balance 1,200

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