Business, 08.12.2020 05:10 MoneyMike42

CHAPTER 7 – ADDITIONAL PROBLEM # 1 Toni Messenger opened a delivery service company called Toni Messenger Services on September 1, 2020 The following are the account names and beginning balances used in the business. Acct # : Acct NameBeg Balance101 Cash in Bank $10,000.00 102 Accts. Rec.—J & L Law Firm $1,500.00 103 Office Equipment $4,500.00 104 Delivery Equipment $5,000.00 201 Accts. Pay.—C. F. Mays Co. $6,000.00 301 Toni Messenger, Capital $15,000.00 302 Toni Messenger, Withdrawals 401 Delivery Fees 501 Rent Expense 502 Utilities Expense Directions: (1) Open a ledger account for each of the above accounts with the appropriate beginning balances. (2) Using the accounts above, record the business transactions which occurred during September 2020 on page 11 of the general journal. (3) Post the journal entries to the appropriate ledger accounts. (4) Complete a Trial Balance. Transactions: 1.9/9 Purchased delivery equipment on account from C. F. Mays Co., $14,500, Invoice 308. 2.9/10 Sold a piece of office equipment, $150, Receipt 250. 3.9/11 Paid the monthly telephone bill, $73, Check 291. 4.9/18 Received $970 for delivery services, Receipt 251. 5.9/21 Received $500 from J & L Law Firm to apply on account, Receipt 252. 6.9/24 Toni Messenger invested an additional $500 in the business, Memo 102. 7.9/30 Paid C. F. Mays Co. $175, on account, Check 292.8.9/30 Paid the monthly rent, $750.00, Check 293. 9.9/30 Toni Messenger withdrew $1,000 for personal use, Check 294.

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CHAPTER 7 – ADDITIONAL PROBLEM # 1 Toni Messenger opened a delivery service company called Toni Mess...