Selected transactions for Dianne Burke Company during its first month in business are presented below.
| Sept. 1 | Invested $10,000 cash in the business. |
| 5 | Purchased equipment for $12,000 paying $4,000 in cash and the balance on account. |
| 25 | Paid $3,000 cash on balance owed for equipment. |
| 30 | Withdrew $700 cash for personal use. |
Burke's chart of accounts shows: No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 301 Owner's Capital, and No. 306 Owner's Drawings.
Instructions
- Journalize the transactions on page J1 of the Journal. (Omit explanations.).
- Post the transactions using the standard account form.
Solution
a.
Dianne Burke Company
b.
Dianne Burke Company
(General Ledger)
(General Ledger)
