Problem 4.2A ( Algo) Journalizing and posting transactions . LO - 1, 4 - 2, 4 - 3 On October 1, 20X1 , Helen Kennedy opened an advertising agency Problem 4.2A (Algo) Journalizing and posting transactions. LO 4-1, 4-2, 4-3
On October 1, 20X1, Helen Kennedy opened an advertising agency.
DATE TRANSACTIONS
Oct. 1 Helen Kennedy invested $59,000 cash in the business.
2 Paid October office rent of $2,950; issued Check 1001. 5 Purchased desks and other office furniture for $14,900 from Office Furniture Mart, Inc.; received Invoice 6704 payable in 60 days. 18 Purchased a computer for $2,950 from Office Furniture Mart, Inc., Invoice 7108; issued Check 1005 for a $1,725 down payment, with the balance payable in 30 days. (Use one compound entry.)
6 Issued Check 1002 for $3,150 to purchase art equipment. 7 Purchased supplies for $1,500; paid with Check 1003.
10 Issued Check 1004 for $590 for office cleaning service. 12 Performed services for $4,050 in cash and $1,850 on credit. (Use a compound entry.)
15 Returned damaged supplies for a cash refund of $390.
20 Issued Check 1006 for $7,450 to Office Furniture Mart, Inc., as payment on account for Invoice 6704. 26 Performed services for $4,350 on credit. 27 Paid $320 for monthly telephone bill; issued Check 1007.
30 Received $3,650 in cash from credit customers.
30 Mailed Check 1008 to pay the monthly utility bill of $395.
30 Issued Checks 1009-1011 for $7,950 for salaries.
Required:
1. Journalize the above transactions.
2. Post the above transactions to the ledger accounts.
Analyze:
What is the balance of account 202 in the general ledger?