15 Feb Walker s Inspection Services is in its second mont
Walker s Inspection Services is in its second month of operations. You have been given the following journal entries regarding its January 2014 transactions. Required a. Set up the following accounts (use the balance column format) entering the opening balances brought forward from the end of last month, December 31, 2013: Cash (101) $850; Accounts Receivable (106) $3(K); Equipment (167) $1,500; Accounts Payable (201) $325; Jay Walker, Capital (301) $2,325; Jay Walker, Withdrawals (302) $3(K); Fees Earned (401) $1,800; and Salaries Expense (622) $1,500. b. Post the journal entries to the accounts and enter the balance after each posting. Analysis Component: The accounting cycle requires that transactions be journalized in the General Journal and then posted in the General ledger. This seems to indicate that we are recording the same information in two different places. Why can t we eliminate journalizing or posting?
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