Posting Journal Entries to General Ledger Account

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 1Rex invested $5,000 in the business, Memorandum 10.Jan 3Rex transferred furniture valued at $2,000 to the business, Memorandum 11. Jan 10Issued check No. 501 for $400 for grooming supplies.Jan 15Bought 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 29Salary paid to employee: $300 via check No. 60. Jan 30Deposited $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).  

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  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.