Ex. 3 The transactions of Medina Information Service are recorded in the general journal below....
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Ex. 3 The transactions of Medina Information Service are recorded in the general journal below. You are to post the journal entries to the accounts in the general ledger. After all entries have been posted, you are to prepare a trial balance on the form provided. JI General Journal Date Account Titles and Explanation Ref. Debit Credit 2017 Sept. 1 Cash 35,000 Share Capital-Ordinary 35,000 (Issued ordinary shares for cash) 4 Equipment 30,000 Cash Notes Payable 10,000 20,000 (Paid cash and issued 2-year, 9%, note for equipment) 8 Rent Expense 1,000 Cash 1,000 (Paid September rent) 15 Prepaid Insurance 400 Cash 400 (Paid one-year liability insurance) 18 Cash 2,500 Service Revenue 2,500 Received cash for delivery services)
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