During March, the business engaged in the following transactions: Borrowed $55,000 from the bank and signed a note payable in the name of the business…..

I have created the journal entry for the following information and now need assistance with posting to the general ledger, Account: Cash and Account Number 101 along with using a T Chart for all other accounts.

During March, the business engaged in the following transactions:

  1. Borrowed $55,000 from the bank and signed a note payable in the name of the business
  2. Paid cash of $25,000 to acquire land
  3. Performed service for a customer and received cash of $5,000
  4. Purchased supplies on account, $180
  5. Performed customer service and earned revenue on account, $3,600
  6. Paid $1,600 on account
  7. The company pays $600 cash for three-month auto insurance.
  8. Paid the following cash expense: salaries, $2,000 and rent, $1,000. Make a compound entry.
  9. Received $2,100 on account
  10. Received a $100 utility bill that will be paid next week.
  11. Harper withdrew cash of $2,800

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