69) Record the following selected transactions for January in a two-column journal, identifying each entry by letter:

 

(a) Earned $7,000 fees; customer will pay later.

(b) Purchased equipment for $45,000, paying $20,000 in cash and the remainder on credit

(c) Paid $3,000 for rent for January.

(d) Purchased $2,500 of supplies on account.

(e) A. Allen $1,000 investment in the company.

(f) Received $7,000 in cash for fees earned previously.

(g) Paid $1,200 to creditors on account.

(h) Paid wages of $6,250.

(i) Received $7,150 from customers on account.

(j) A. Allen withdrawal of $1,750.

 

70) Post the following transaction to the ledger of Wiley Services. The partial chart of accounts for Thompson’s Company is:

111 Cash

121 Accounts Receivable

211 Accounts Payable

411 Service Fees

 

GENERAL JOURNALPage 1

Date

 

Acct. Titles and Description

PR

Debit

Credit

May

1

Accounts Receivable

 

10,000

 

 

 

  Service Fees

 

 

10,000

 

 

    Billed customer

 

 

 

 

 

 

 

 

 

May

5

Accounts Payable

 

3,000

 

 

 

  Cash

 

 

3,000

 

 

    Paid amount due

 

 

 

 

CashAccount 111

Date

 

Explanation

PR

Debit

Credit

Debit

Balance

Credit Balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts ReceivableAccount 121

Date

 

Explanation

PR

Debit

Credit

Debit

Balance

Credit Balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts PayableAccount 211

Date

 

Explanation

PR

Debit

Credit

Debit

Balance

Credit Balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service FeesAccount 411

Date

 

Explanation

PR

Debit

Credit

Debit

Balance

Credit Balance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



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