Post the July journal entries to the following T-Accounts and compute ending bal
ID: 2386463 • Letter: P
Question
Post the July journal entries to the following T-Accounts and compute ending balances.
General Journal
Date Description(Account Name) Debit Credit
7/1/2012 Cash 24,000
Common Sotck 24,000
7/1/2012 Prepaid Insurance 2400
Cash 2400
7/1/2012 Rent Expense 2080
Cash 2080
7/3/2012 Landscaping Equipment 8800
Cash 1200
Accounts Payable 7600
7/8/2012 Landscaping Supplies 780
Accounts Payable 780
7/12/2012 Utility Expese 308
Cash 308
7/16/2012 Cash 2724
Landscaping Revenue 2724
7/19/2012 Accounts Payable 400
Cash 400
7/31/2012 Cash 2620
Landscaping Revenue 2620
7/31/2012 Retained Earnings 1600
Cash 1600
45712 45712
cash 21,356
Cash (111)
Prepaid Insurance (117)
Landscaping Supplies (119)
Landscaping Equipment (144)
Accum. Depr.-Equipment (145)
Accounts Payable (212)
Income Taxes Payable (213)
Common Stock (311)
Retained Earnings (312)
Dividends (313)
Explanation / Answer
Journal entries: Date Particulars Debit Credit 1-Jul Bank $24,000 Common stock $24,000 1-Jul Prepaid insurance premium $2,400 Cash $2,400 1-Jul Rent expense $2,080 Cash $2,080 3-Jul Land scaping Equipment $8,800 Cash $1,200 Accounts payable $7,600 8-Jul Supplies $780 Lakeside company $780 12-Jul Utilities $308 Cash $308 16-Jul Cash $2,724 Revenue from landscaping $2,724 19-Jul Landscaping supplies $400 Cash $400 31-Jul Cash $2,620 Revenue from landscaping $2,620 31-Jul Dividends $1,600 Cash $1,600 31-Jul Depreciation Accumulated depreciation 31-Jul Income tax expenses Cash/income tax payable 31-Jul Insurance $200 Prepaid insurance $200 Ledger accounts: Dr Cr Cash a/c Common stock $24,000 Prepaid insurance $2,400 Land scaping Revenue $2,724 Prepaid rent $2,080 Land scaping Revenue $2,620.00 Land scaping equipment $1,200 Utilities $308 Land scaping supplies $400 Dividends $1,600 Balance C/d $21,356 $29,344 $29,344 Landscaping revenue a/c Cash $2,724 Balance C/d $5,344 Cash $2,620 $5,344 $5,344 Prepaid insurance a/c Cash $2,400 Insurance $200 Balance C/d $2,200 $2,400 $2,400 Rent expense a/c Cash $2,080 Income statement $2,080 $2,080 $2,080 Land scaping supplies a/c Cash $400 Supplies $780 Balance c/d $380 $780 $780 Utility expense a/c Cash $308 balance c/d $308 $308 $308 Land scaping equipment a/c Accounts payable $7,600 Cash $1,200 Balance c/d $8,800 $8,800 $8,800 Insurance expense a/c Prepaid insurance $200 Income statement $200 $200 $200 Supplies expense a/c Land scaping supplies $780 Income statement $780 $780 $780 Common Stock a/c Cash $24,000 balance c/d $24,000 $24,000 $24,000 Dividends a/c Cash $1,600 Income statement $1,600 $1,600 $1,600 Income tax payable a/c Income tax expense a/c Depreciation expense a/c Accumulated depreciation a/c