Selected activity of Mason Consulting Services follo 3 DATE

Selected activity of Mason Consulting Services follo 3 DATE TRANSACTIONS Sept. 1 Zack Mason invested $30,000 in cash to start the fim 4 Purchased office equipment for $3,250 on credit from Den, Inc. received Invoice 9823, payable in 30 days 16 Purchased an automobile that will be used to visit clients; issued check 1001 for $15,000 in full payment supplies for $260; paid innediately with check 1002 damaged supplies for a cash refund of $85 0 Issued Check 1003 for $2,100 to Den, Inc., as payment on account for Invoice 0 Withdrew $1,500 in cash for personal expenses Check 1004 for $3,500 to pay the rent for october 30 Issued 30 Perforned services for $7,325 in cash 30 Pald $220 for monthly telephone bill, Check 1005 Post the above transactions into the appropriate Ledger a ccounts No. 101 Date

Solution

Capital Cash Account No. 101 Date Debit Credit Balance Date Debit Credit Balance 01-Sep                 -            30,000          30,000 01-Sep      30,000                -        30,000 30-Sep          1,500                   -            28,500 16-Sep                -        15,000      15,000 20-Sep                -              260      14,740 23-Sep               85                -        14,825 30-Sep                -           2,100      12,725 30-Sep                -           1,500      11,225 30-Sep                -           3,500         7,725 30-Sep         7,325                -        15,050 30-Sep                -              220      14,830 Accounts Payable Equipment Account No.131 Date Debit Credit Balance Date Debit Credit Balance 04-Sep                 -              3,250            3,250 04-Sep         3,250                -           3,250 30-Sep          2,100                   -              1,150 Automobile Supplies Account No. 121 Date Debit Credit Balance Date Debit Credit Balance 16-Sep       15,000                   -            15,000 20-Sep            260                -              260 23-Sep                -                 85            175 Prepaid Rent Account No 112 Service Revenue Date Debit Credit Balance Date Debit Credit Balance 30-Sep          3,500                   -              3,500 30-Sep                -           7,325         7,325 Telephone Expenses Date Debit Credit Balance 30-Sep             220                   -                  220