29 Jun Question Below is a Chart of Accounts
Quest Question
Below is a Chart of Accountsion
Below is a Chart of Accounts with a corresponding letter. For each transaction below:
Chart of Accounts:
A. Accounts Payable
B. Accounts Receivable
C. Owner’s Capital
D. Cash
E. Computer Equipment
F. Cost of Goods Sold
G. Owner’s Drawing
H. Merchandise Inventory (Perpetual)
I. Prepaid Insurance
J. Sales
K. Service Revenue
L. Telecommunication Expense
M. Sales Discount
1. Following the General Journal entry format, place the letter of the account to be debited in the first line for each transaction and the letter of the account to be credited next.
2. Using the following abbreviations, indicate for each entry which special journal the entry would go in if the company used special journals:
CR – Cash Receipts Journal
CP – Cash Payments Journal
S – Sales Journal
P – Purchases Journal
GJ – General Journal
Jan.1 Owner invested $10,000 of computer equipment to start the business.
Jan. 3 Purchased $5,000 of software for resale to clients on account.
Jan. 5 Sold $1,500 of software to a client on account, terms 2/10, n/30, costing $650.
Jan. 7 Performed $2,000 of consulting services for a client and billed the client.
Jan. 9 Purchased a 12-month insurance policy by paying $9,000 cash.
Jan. 11 Collected payment in full from the customer related to the transaction on Jan. 5th.
Jan. 13 Purchased a new computer costing $1,500 by paying $500 down and the balance due in 30 days.
Jan. 15 Owner withdrew $750.
Jan. 17 Paid the month’s telecommunication bill, which was $550.
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