Proper General Journal Format Records for Transactions
In proper General Journal format, record the transactions for the months; include descriptions of each transaction with your journal entry. Use only the accounts shown in the chart of accounts. Post the journal entries for the months to the general ledger accounts Prepare a trial balance for the period ending September 30 and October 31. 8/1 YOU filed a charter with the State of Louisiana to form the YOUR Accounting Corporation. The charter authorizes you to issue 5000 shares of $2 par common stock. The state charged you a $75 fee to file the charter. Since your business is not yet approved, you had to pay this fee using personal funds. 9/1 You received your charter from the State of Louisiana and officially opened your business. Your first order of business was to become a shareholder of YOUR Accounting Corp.
To do this, you purchased 600 shares of common stock by issuing a check to YOUR Accounting Corp for $12,000. You used this money to open a checking account at First Funds Bank. 9/1 You rented an office for YOUR Accounting Corp. The monthly rent is $500, with the first month’s rent due immediately. You issue check #100 to Office Builders for the first month’s rent. 9/1 You turned on utilities with Max Power Co. and Waterworks #1. Max Power Co. collected a $50 deposit. Waterworks #1 collected a $20 deposit. You issued check #’s 101 and returns.
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