Problem_3

Problem_3 - Problem 3.5 Journal entries, entering beginning...

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Problem 3.5 Journal entries, entering beginning account balances, posting to T accounts, and trial balance, incl. GST DIANA MORGAN, PUBLIC ACCOUNTANT A. General Journal 2007 April 2 Rent Expense 550 GST Outlays 55 Cash at Bank 605 To record payment of rent 3 Cash at Bank 1 056 Accounts Receivable 1 056 To record cash received from customers 6 Office Supplies 170 GST Outlays 17 Accounts Payable 187 To record purchase of supplies on credit 8 Accounts Receivable 2 772 GST Collections 252 Fees Revenue 2 520 To record revenue on account 13 D. Morgan, Drawings 590 Cash at Bank 590 To record drawings by owner 15 Wages Expense 735 Cash at Bank 735 To record payment of wages 17 Cash at Bank 1 545 Accounts Receivable 1 545 To record receipt of cash from customers 20 Cleaning Expense 100 GST Outlays 10 Cash at Bank 110 To record payment of cleaning expense 23 Accounts Payable 155 Cash at Bank 155 To record payment of accounts payable 25 Loan Payable 375 Interest Expense 32 Cash at Bank 407 To record payment of loan and interest
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28 GST Collections 1 020 GST Outlays 861 Cash at Bank 159 To record payment of GST to ATO 29 Office Equipment 360 GST Outlays 36 Accounts Payable 396 Bought office equipment on credit 30 Prepaid Insurance 70 GST Outlays 7 Cash at Bank 77 To record purchase of insurance commencing 1 May 2007 B. Cash at Bank 31/3 Balance b/d 1 224 2/4 Rent Expense 605 3/4 Accounts Receivable 1 056 13/4 D. Morgan, Drawings 590 17/4 Accounts Receivable 1 545 15/4 Wage Expense 735 20/4 Cleaning Expense 110 23/4 Accounts Payable 155 25/4 Loan Payable/Interest Exp. 407 28/4 GST Collections & Outlays 159 30/4 Prepaid Insurance 77 Accounts Receivable 31/3 Balance b/d $1 605 3/4 Cash at Bank 1 056 8/4 Fees Revenue 2 772 17/4 Cash at Bank 1 545
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Office Supplies 31/3 Balance b/d 315 6/4 Accounts Payable 170 Prepaid Insurance 31/3 Balance b/d $234 30/4 Cash at Bank 70 GST Outlays 31/3 Balance b/d $861 28/4 861 2/4 Cash at Bank 55 6/4 Cash at Bank 17 20/4 Cash at Bank 10 29/4 Accounts Payable 36 30/4 Cash at Bank 7 Office Equipment 31/3 Balance b/d $6 712 29/4 Accounts Payable 360 Accounts Payable 23/4 Cash at Bank 155 31/3 Balance b/d 457 6/4 Office Supplies 187 29/4 Office Equipment 396 Loan Payable 25/4 Cash at Bank 375 31/3 Balance b/d 2 250 GST Collections 28/4 GST Outlays & Cash 1 020 31/3 Balance b/d 1 020 8/4 Accounts Receivable 252
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D. Morgan, Capital 31/3 Balance b/d 6 900 D. Morgan, Drawings 31/3 Balance b/d 5 310 13/4 Cash at Bank 590 Fees Revenue 31/3 Balance b/d 10 202 8/4 Accounts Receivable 2 520 Wages Expense 31/3 Balance b/d 3 150 15/4 Cash at Bank 735 Rent Expense 31/3 Balance b/d $1 110 2/4 Cash at Bank 550 Interest Expense 31/3 Balance b/d 72 25/4 Cash at Bank 32 Cleaning Expense 31/3 Balance b/d $236 20/4 Cash at Bank 100
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C. D. MORGAN, PUBLIC ACCOUNTANT
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Problem_3 - Problem 3.5 Journal entries, entering beginning...

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