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Enter the following transactions in the T accounts provided below. Label each debit and credit posting with the letter identifying the transaction.
Enter the following transactions in the T accounts provided below. Label each debit and credit posting with the letter identifying the transaction. Transaction (a) is already posted to the appropriate ledger accounts as an example. All the following transactions occurred during the month of June.
Dale Ross opened a bank account in the name of a new business, Computer Sales, by making a deposit of $50,000 cash.
Purchased 20 computers at a cost of $1,800 each. Paid $22,000 cash and issued a note payable for the balance of the purchase price.
Purchased software for $38,500. Paid $20,500 cash with the balance due in 30 days.
Borrowed $20,000 cash from a bank by signing a 90 day note payable.
Paid the full amount of the liability arising from the purchase of software in “c”, above.
Using the account balances from Problem 14, above, complete the following trial balance for Computer Sales as of December 31. Show the totals of both the debit and credit columns.
