(Solved Homework): 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:

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(Solved Homework): Process #4: Post to General Journal Entries to Ledger Posting entries to ledger Instructions 1. You will create your ledger…

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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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