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