Selected transactions for Dianne Burke Company during its fi rst month in business
are present...
Selected transactions for Dianne Burke Company during its fi rst month in business
are presented below.
Sept. 1 Invested $10,000 cash in the business.
5 Purchased equipment for $12,000 paying $4,000 in cash and the balance on
account.
25 Paid $3,000 cash on balance owed for equipment.
30 Withdrew $700 cash for personal use.
Burke’s chart of accounts shows: No. 101 Cash, No. 157 Equipment, No. 201 Accounts
Payable, No. 301 Owner’s Capital, and No. 306 Owner’s Drawings.
Instructions
(a) Journalize the transactions on page J1 of the journal. (Omit explanations.)
(b) Post the transactions using the standard account form.
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