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Unformatted text preview: As an incentive to make the loan, the bank agrees to not charge interest for January. Jan 10 $5,000 of equipment is purchased for cash. Jan 31 $7,000 of merchandise inventory is purchased for cash. Requirement 3 Post the entries from the General Journal to the General Ledger accounts. Requirement 4 Compute an ending balance for each General Ledger account. Be sure to place a “total line” in each account and the label “End. Bal.” Requirement 5 Prepare a Trial Balance. Requirement 6 Prepare Gray Co.’s Balance Sheet as of January 31, 2009. Requirement 7 Compare your solutions for Requirements 1 through 6 to the “January” screen in the “2-Gray Co.xls” workbook. Chapter 2 Additional Problem-- SOLID FOOTING Problem 2-3 Forms General Ledger Chapter 2 Additional Problem-- SOLID FOOTING Problem 2-3 Forms (continued)...
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- Winter '09
- Accounting, 1981, 1917, 1923, Gray Co.