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 | 65,000 | |
|---|
| Jan 5 | Common Stock | | 65,000 |
|---|
| |
| Jan 8 | Prepaid Rent | 3,200 | |
|---|
| Jan 8 | Cash | | 3,200 |
|---|
| |
| Jan 12 | Office Equipment | 8,000 | |
|---|
| Jan 12 | Accounts Payable | | 4,750 |
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| Jan 12 | Cash | | 3,250 |
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| |
| Jan 17 | Cash | 14,000 | |
|---|
| Jan 17 | Accounts Receivable | 3,000 | |
|---|
| Jan 17 | Service Revenue | | 17,000 |
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| |
| Jan 25 | Supplies | 7,500 | |
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| Jan 25 | Accounts Payable | | 7,500 |
|---|
The beginning balances were: Â Cash: $39,000; Accounts Receivable: $24,000; Supplies: $1,800; Prepaid Rent: $0; Office Equipment: $8,000; Organization Costs: $0; Accounts Payable: $13,000; Common Stock: $9,000; Service Revenue: $0
Post the journal entries to the ledger using "T" accounts.