Journal, Ledger and Trial Balance for Howard Lighthouse
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I have attached copies of the ledger, journal and trail balance sheets that I have created, along with the summary of the first year accounts. I am having trouble posting them in the correct place. Could really use some help.
Complete the ledger for Howard Lighthouse Manufacturing using the business
transactions transpired year-to-date.
You will need to do the following:
Post to the journal the transactions from the summary of first year accounts.
Post to the journal the following 2 additional transactions (date 9/15):
HLM receives $5,000 from customers.
HLM pays credit card for purchase of equipment $3,000.
Open each account in the ledger with a starting balance of 0.
Post to the ledger all transactions from the journal.
Create a trial balance to ensure all transactions have been posted correctly to the ledger.
Explain where each transaction would go on the income statement or balance sheet.
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Solution Summary
The solution journalizes the transactions and then shows them posted to the proper accounts. The accounts are totaled, and a trial balance is prepared for Howard Lighthouse Manufacturing. Included with the solution are a group of explanations about the treatment of certain items and other comments necessary for a full explanation of the problem.
Solution Preview
Following are notes about the work performed:
1. There are no descriptions posted for the journal entries made. If needed, you will have to add them.
2. The basis of accounting is an issue because companies that sell inventory normally post ...
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