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  1. business
  2. accounting
  3. transactions are first journalized and then posted

Transactions are first journalized and then posted to ledger accounts. In this exercise, however, your...

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Accounting

Transactions are first journalized and then posted to ledger accounts. In this exercise, however, your understanding of the relationship between the journal and the ledger is tested by asking you to study some ledger accounts and determine the journal entries that probably were made to produce these ledger entries. The following accounts show the first six transactions of Svenson Company.

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Using the information in the ledger accounts presented above, do the following:

  1. Prepare a trial balance dated November 30. (10 points)
Cash Nov. 1 40,320 14,400 1,680 Nov. 8 144,000 Nov. 8 Nov. 25 Nov. 30 Land 84,000 Building 70,320 Office Equipment 3,840 Nov. 21 Nov. 8 Nov. 15 576 Vehicles Nov. 30 Nov. 25 11,280 Notes Payable 14,400 Nov. 8 Nov. 30 Accounts Payable 114,000 9,600 Nov. 21 576 Nov. 15 3,840 Capital Stock Nov. 1 144,000

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