Solved: Ann Taylor owns a suit tailoring shop She opened

business
Ann Taylor owns a suit tailoring shop She opened business

Ann Taylor owns a suit tailoring shop. She opened business in September. She rented a small
work space and has an assistant to receive job orders and process claim tickets. Her trial
balance shows her account balances for the first two months of business.

Taylor’s transactions for November are as follows:

Nov. 1 Paid rent, $300.
2 Purchased tailoring supplies on account, $150.
3 Purchased a new button hole machine on account, $300.
5 Earned first week’s revenue, $400: $100 in cash and $300 on account.
8 Paid for newspaper advertising, $13.
9 Paid telephone bill, $28.
10 Paid electric bill, $21.
11 Received cash on account from customers, $200.
12 Earned second week’s revenue, $450: $200 in cash and $250 on account.
15 Paid assistant, $400.
16 Made payment on account, $100.
17 Paid for magazine subscription (miscellaneous expense), $12.
Nov. 19 Earned third week’s revenue, $450: $300 in cash, $150 on account.
23 Received cash on account from customers, $300.
24 Paid for newspaper advertising, $13.
26 Paid for postage (miscellaneous expense), $12.
27 Earned fourth week’s revenue, $600: $200 in cash and $400 on account.
30 Received cash on account from customers, $400.
REQUIRED
1. Set up general ledger accounts by entering the balances as of November 1, 20--.
2. Journalize the transactions for November in a two-column general journal. Use the following
journal page numbers: November 1–11, page 7; November 12–24, page 8; November 26–30,
page 9.
3. Post the entries to the general ledger.
4. Prepare a trialbalance.

Ann Taylor owns a suit tailoring shop She opened business

ANSWER
https://solvedquest.com/ann-taylor-owns-a-suit-tailoring-shop-she-opened-business/

Reach out to freelance2040@yahoo.com for enquiry.

Powered by TCPDF (www.tcpdf.org)