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    Ledger of Georgian Enterprises

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    Journalizing, Posting, and Preparing a Trial Balance
    Georgian Enterprises uses the following general ledger accounts in its accounting system.
    Listed for each account is its account number and balance as of January 1, 2003.

    Account#
    Cash 101 $ 60,000
    Supplies 121 10,000
    Office Equipment 151 170,000
    Accumulated
    Depreciation-OE 152 45,000
    Accounts Payable 201 70,000
    Common Stock 301 90,000
    Retained Earnings 350 35,000
    Fee Revenue 401 0
    Selling Expenses 501 0
    Salary Expense 511 0
    Supplies Expense 531 0

    In early January 2003, Georgian Enterprises engaged in the following transactions:
    January 2 Paid $30,000 on accounts payable
    January 3 Purchased $1,100 of supplies for cash
    January 4 Purchased office equipment for $2,700 cash
    January 6 Earned and received fees (revenues) from customers of $16,400
    January 7 Paid selling expenses of $7,100
    January 7 Paid employee salaries of $5,200

    Required:
    (1) Why do some of Georgian's accounts have zero balances at the beginning
    of January?
    (2) Prepare a journal entry for each of the transactions listed.
    (3) Prepare four-column general ledger accounts for Georgian Enterprises as of
    January 1, 2003. Post the January 2003 journal entries to these accounts.
    (4) Prepare a trial balance for Georgian Enterprises as of January 7, 2003.
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    https://brainmass.com/business/business-math/ledger-of-georgian-enterprises-52392

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    Because these are Temporary (Nominal) accounts. Such accounts are ...

    Solution Summary

    The solution is in an excel sheet that addresses the following requirements:
    (1) Why do some of Georgian's accounts have zero balances at the beginning
    of January?
    (2) Prepare a journal entry for each of the transactions listed.
    (3) Prepare four-column general ledger accounts for Georgian Enterprises as of
    January 1, 2003. Post the January 2003 journal entries to these accounts.
    (4) Prepare a trial balance for Georgian Enterprises as of January 7, 2003.

    $2.19

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