Fife & Company, a public corporation offering accounting services to low income clients has the following transactions in their second year of business. Â
Journal| Date | Description | Debit | Credit |
|---|
| Jan 4 | Organization Costs | 23,000 | |
|---|
| Jan 4 | Common Stock | | 23,000 |
|---|
| |
| Jan 5 | Cash | 75,000 | |
|---|
| Jan 5 | Common Stock | | 75,000 |
|---|
| |
| Jan 8 | Prepaid Rent | 3,400 | |
|---|
| Jan 8 | Cash | | 3,400 |
|---|
| |
| Jan 12 | Office Equipment | 5,500 | |
|---|
| Jan 12 | Accounts Payable | | 3,000 |
|---|
| Jan 12 | Cash | | 2,500 |
|---|
| |
| Jan 17 | Cash | 14,000 | |
|---|
| Jan 17 | Accounts Receivable | 6,000 | |
|---|
| Jan 17 | Service Revenue | | 20,000 |
|---|
| |
| Jan 25 | Supplies | 8,000 | |
|---|
| Jan 25 | Accounts Payable | | 8,000 |
|---|
Post the journal entries to the ledger and show the ending balance in each ledger account.