ANANCIAL TBC Account Assingment Help With Solution

ANANCIAL TBC Account Assingment Help With Solution

Olsen Company rents and sells sound equipment. During September, 2014,
Olsen engaged in the transactions described below.
Chart of Accounts Aug. 31 Balances
Acct. No. Account Title Debit Credit
100 Cash 40,000
105 Accounts Receivable 3,000
110 Merchandise Inventory 2,600
115 Office Supplies \ 800
150 Truck
200 Accounts Payable 8,000
210 Notes Payable 14,000
300 Common Stock 20,000
310 Retained Earnings 4,400
320 Dividends
400 Rental Revenue
500 Wages Expense
sept, B’ Purchased a truck for $34,900 cash

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sept, B’ Purchased a truck for $34,900 cash.
–8Purchased inventory for $3,400 on account.
10 Purchased $1,450 of office supplies on credit.
11 Rented sound equipment to a traveling folk band for $12,800. The band
paid for the service at the time it was provided.
12 Rented sound equipment and lights to a local college for a school dance
for $3,600. The college will pay for the services within 15 days.
18 Paid employee wages of $4,170 that have been earned during September
22 Collected the receivable from the September 12 transaction.
23 Borrowed $14,100 cash from a bank on a two-year note payable.
28 Sold common stock to a new stockholder for $40,000 .–
30 Paid a $4,350 cash dividend to stockholders.
1. Enter the August 31 balances in the general ledger.
2. Using the chart of accounts, prepare the journal entries for the month of September (page 4).
3. Post the entries to the general ledger.
4. Prepare a trial balance.

Product Code :Acc35

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