Complete the following assignment and submit it to the Posting Journal Entries to General Ledger Accounts Dropbox. This assignment is worth 12 points.

Journalize and post business transactions for the following account:

January 2005

Jan 1

Rex invested $5,000 in the business, Memorandum 10.

Jan 3

Rex transferred furniture valued at $2,000 to the business, Memorandum 11.

Jan 10

Issued check No. 501 for $400 for grooming supplies.

Jan 15

Bought grooming equipment on account for $2,000 from Pets Inc.; Invoice 201.

Jan 17

Paid Pets, Inc. $500; check No. 105.

Jan 20

Rex withdrew $1,000 cash from business; check No. 59.

Jan 29

Salary paid to employee: $300 via check No. 60.

Jan 30

Deposited $2,000 received from client for rendering service; Receipt Nos. 124-130.

Guidelines:

  • Record the January transactions on page 1 of the general journal (TRANSACTIONS ABOVE).

    In the charts below, open an account in the general ledger for each of these accounts
    General Ledger

    101 Cash in Bank
    102 Accounts Receivable
    120 Grooming Supplies
    130 Office Furniture
    140 Grooming Equipment
    205 Accounts Payable
    301 Rex s Capital
    305 Rex s Withdrawals
    402 Boarding Revenue
    410 Grooming Revenue
    505 Salary Expenses

    Post each journal entry to the appropriate account.